Opening of Bids - 2016 Parking Garage Improvements - Grand River Construction

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AIA Document A31 OTM -2010 CONTRACTOR: Name, legal status and address) Grand River Construction, Inc. 5025 40th Ave. PO Box 323 Hudsonville, M149426 OWNER: (Name, legal status and address) City of South Bend BOND AMOUNT: Five Percent of Bid (5% of Bid) SURETY: (Name, legal status and principal place ofbusiness) Hartford Accident and Indemnity Company One Hartford Plaza, T4 Hartford, CT 06155 PROJECT: 2016 Parking Garage Improvements Project No. 115-143 (Name, location or address, and Project number, ifany) This document has important legal consequences. Consultation with an attorney is encouraged with respect to its completion or modification. Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable. The Contractor and Surety are bound to the Owner in the amount set forth above, for the payment of which the Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, as provided herein. The conditions of this Bond are such that if the Owner accepts the bid of the Contractor within the time specified in the bid documents, or within such time period as may be agreed to by the Owner and Contractor, and the Contractor either (I) enters into a contract with the Owner in accordance with the terms of such bid, and gives such bond or bonds as may be specified in the bidding or Contract Documents, with a surety admitted in thejurisdiction of the Project and otherwise acceptable to the Owner, for the faithful performance of such Contract and for the prompt payment of labor and material furnished in the prosecution thereof, or (2) pays to the Owner the difference, not to exceed the amount of this Bond, between the amount specified in said bid and such larger amount for which the Owner may in good faith contract with another party to perform the work covered by said bid, then this obligation shall be null and void, otherwise to remain in full force and effect. The Surety hereby waives any notice of an agreement between the Owner and Contractor to extend the time in which the Owner may accept the bid. Waiver of notice by the Surety shall not apply to any extension exceeding sixty (60) days in the aggregate beyond the time for acceptance of bids specified in the bid documents, and the Owner and Contractor shall obtain the Surety's consent for an extension beyond sixty (60) days. If this Bond is issued in connection with a subcontractor's bid to a Contractor, the term Contractor in this Bond shall be deemed to be Subcontractor and the term Owner shall be deemed to be Contractor. When this Bond has been furnished to comply with a statutory or other legal requirement in the location of the Project, any provision in this Bond conflicting with said statutory or legal requirement shall be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement shall be deemed incorporated herein. When so furnished, the intent is that this Bond shall be constmed as a statutory bond and not as a common law bond. Signed and sealed this 8th day of November (Witne& I / �s ie- to o,,C"r (witness) Heather Buonodono 2016 Grand River Construction, Inc (Principal) d-> —d-1, (Seal) (Title) ✓ Hartford Ac, ciliEtt and I (Surely),! p7r/, (Seal)�1 (Title) Lori A. King C4vdg r . Attorney-m-Fact InWA Document A330l 2010. Copyright ®1963, 1970 and 2010 by The American Institute of Architects. All rights reserved. -RNIN6 _ Purchasers are permitted to reproduce ten (10) copies of this document when completed. To report copyright violations of AIA Contract Documents, e-mail The American Institute of Architects' legal counsel, I __ osnio