DOCUMENT

CONT - Agreement - Construction Contr

  • ENTITY TYPE: City/Township
  • TYPE OF DOCUMENT: CONT - Contract, Agreement
The document is a performance bond between a principal (an entity incorporated under the laws of North Carolina) and a surety (another entity incorporated under the laws of a different state). The bond is being issued to the City of Winston-Salem, North Carolina. The principal has entered into a contract with the city to construct something and perform other work as specified in the contract. The bond is a guarantee that the principal will faithfully perform the contract, satisfy all claims and demands, indemnify and save harmless the city from any costs or damages, reimburse the city for any expenses incurred due to default, pay for all labor and materials, and indemnify the city from any claims or liability due to defective or unsafe performance of the contract. The bond will be null and void if the principal fulfills these obligations, otherwise it will remain in full force and effect. Any alterations to the contract or extensions of time granted by the city will not release the principal or surety from liability. The surety is licensed by the Insurance Commissioner to do business in the state and has complied with relevant laws. The insolvency or bankruptcy of the principal will not discharge or impair the obligations of the bond, and the surety will still be responsible for fulfilling the bond's obligations.
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