DOCUMENT

MODL - Bid, Performance & Maintenance Bond 2003

  • YEAR CREATED: 2003
  • ENTITY TYPE: State
  • TYPE OF DOCUMENT: MODL - Model, Templates
The document is a maintenance bond agreement between a principal (the party responsible for construction) and the Central Oklahoma Transportation and Parking Authority (COTPA). The principal has agreed to construct a project in the City of Oklahoma City in compliance with the plans and specifications outlined in the contract. The principal is also obligated to maintain the improvement for a certain period of time against any failure due to workmanship or material. The bond agreement states that if there are any damages, losses, or expenses resulting from defective materials or workmanship within a specified period of time after the project's acceptance by COTPA, the principal must pay or cause to be paid to COTPA. If the principal fails to maintain the improvements or if repairs become necessary, the cost of making the repairs will be determined by COTPA or a designated person. If the principal or surety fails to pay the determined amount or make the necessary repairs within 30 days of notice, the amount becomes due and can be recovered through legal action. The amount determined for repairs will be conclusive for the purposes of the bond. The agreement also states that any changes or deviations from the contract or plan will not release the sureties (parties providing the bond) from their obligations. The document is executed by the principal and surety, with their respective corporate seals affixed, and is witnessed and attested. It is reviewed for form and legality by the Assistant Municipal Counselor and approved by the Chairman of COTPA.
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