8F Consent 2008 0902 - Laserfiche WebLink

Home

withheld from the SURETY for liquidated damages or unsatisfactory progress by the ORIGINAL CONTRACTOR, SURETY or its nominee which SURETY designates as its completion contractor. 4. Surety to Procure Completion of Contract. Surety shall be responsible for procuring the completion of the remaining work under the Contract ("Remaining Work"). The Remaining Work is set forth on the punch list attached as Exhibit A., to wit: the punch lists shown on the correspondence from the Obligee to Krama dated February 16, 2007 Surety shall procure the performance of the Remaining Work through one or more Completing Contractors (the "Completing Contractor(s)") which Surety shall engage. Surety is acting as a Performance Bond Surety and not a Contractor. Surety shall have the sole discretion to choose the Completing Contractor(s). Said Completing Contractor(s) shall be properly licensed for the work to be performed. The Surety reserves its right to tender a completion contractor to the City for completion of the Remaining Work at a fixed price. 5. Obligations under the Contract. Except to the extent provided in this Agreement, Obligee retains any and all claims and rights against Krama, Inc, pertaining to the work on this project. As to the continued work on this project, Obligee and Surety's respective rights and obligations are set forth within the Performance Bond and this agreement. To the extent that extra or change order work was authorized prior to the termination of Krama, Surety will perform that specified work. However, Surety is not obligated to perform any other additional work which the Obligee may request. Surety and its Completing Contractor(s) acknowledge that time is of the essence in this Agreement and in the Contract. 6. Schedule for Completion of Contract and New Completion Date. Surety, through its Completing Contractor(s), shall advise the Obligee of a schedule for the completion of the Remaining Work, which schedule shall be approved by Obligee ("Schedule"). To the extent reasonably feasible, considering all of the existent circumstances, the balance of the Remaining Work shall be accomplished on that Schedule. Further, Obligee agrees to grant to Surety the full benefit of whatever extensions of time and other associated relief, including for excusable delays, pursuant to the Contract. Failure to reasonably, considering all of the existent circumstances, comply with the Schedule will result in termination of the Contract. Surety reserves the right to request additional extensions of time and does not waive its right to time extensions. 7. Completing Contractors. Each Completing Contractor shall be a Contractor to Surety and no contractual relationship pursuant to this Agreement shall exist between Obligee and any Completing Contractor, Each Completing Contractor shall provide all insurance required under the Contract, but shall not be required to provide payment andlor performance bonds, unless requested to do so by Surety. Surety reserves the right to terminate its contract with a Completing Contractor at any time, subject to seven (7) business days' prior written notice to Obligee, and to contract with another Completing Contractor. Routine day-to-day operations and decisions as to the manner of performance of the Contract shall be made by the Completing Contractor(s), subject to the terms and conditions of the Contract. The work shall be subject to inspection and acceptance by the Obligee, as provided in the Contract. All communications concerning matters of contract administration of the Contract (i.e., contractual or other notices required bylaw, payments, change orders, extensions of time, delays, claims, among other matters) shall be communicated to a Completing Contractor only in writing, with a copy forwarded to Surety and Obligee on a current basis as provided in this Agreement. Page 2 of 6