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PERFORMANCE/WARRANTY BOND
<br />PRIVATELY ENGINEERED PUBLIC IMPROVEMENTS
<br />Bond No.
<br />Know all men and women by these presents, that we, as Principal, and
<br />, as Surety, a Corporation organized and existing under the
<br />laws of the State of and authorized to transact surety business in the state of Oregon, are held and firmly bound
<br />unto the City of Eugene, Oregon, a municipal corporation, as Obligee in the sum of
<br />($ ). For the payment thereof, well and truly to be made, said Principal and Surety, bind themselves,
<br />their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
<br />THE CONDITION OF THE ABOVE OBLIGATION IS SUCH THAT:
<br />WHEREAS, Principal will be constructing privately engineered public improvements specified in an Engineering and
<br />Construction Agreement between said Principal and the City of Eugene, dated , 201; and
<br />WHERE AS Principal, will be issued a Public Improvement Permit to construct privately engineered public
<br />improvements for [location & description of work, include plat name]
<br />under
<br />City inspection and supervision, and
<br />WHEREAS, it is expressly understood that Principal is constructing said improvement, at no cost to the City, to the
<br />specifications and standards published by the City Engineer and adopted by the City Engineer and it is further understood that this
<br />Bond guarantees that the work will be completed to the satisfaction of the approved permit and said improvements will be free
<br />from any defects due to faulty workmanship or materials, and
<br />WHEREAS, under this agreement, a guarantee of replacement and/or repair on all workmanship and materials for a
<br />period of <one/two> year(s) following final acceptance of said improvements.
<br />NOW, THEREFORE, if said Principal shall fully and faithfully install said improvements in accordance with City
<br />requirements and under City supervision and inspection, and shall install the same free from any defects due to faulty
<br />workmanship or materials, and shall be a period of <one/two> year(s) from the completion of said improvement at his own
<br />expenses make good and repair any defects arising from such faulty workmanship or materials„ and shall make payment in full
<br />for all City engineering charges and fees for the completion of such work; then this obligation is to be void, otherwise to remain
<br />in full force and effect.
<br />The Surety, for value received, hereby agrees that no change, extension of time, alteration, or addition to the terms of the
<br />contract or to the work performed thereunder or the specifications accompanying the same shall in any way affect the obligations
<br />on this bond, and it hereby waives notice of any change, extension of time, alteration, or addition to the terms of the contract or to
<br />the work or to the specifications.
<br />IN WITNESS WHEREOF, WE, THE ABOVE BOUNDED PARTIES, HAVE HEREUNTO SET OUR HANDS AND SEAL
<br />THIS DAY OF , 20
<br />PRINCIPAL: SURETY {Seal):
<br />NAME:
<br />TITLE:
<br />ADDRESS:_
<br />TELEPHONE:
<br />lRw
<br />NAME:
<br />TITLE:
<br />ADDRESS:_
<br />TELEPHONE:
<br />PIDS Manual 2016, Appendix L - 7 L-7-1
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