HomeMy WebLinkAboutWARRANTY AGREEMENT - Bond.docBOND TO INSURE CORRECTION OF DEFECTIVE IMPROVEMENTS
(A.K.A., MAINTENANCE BOND)
BOND NO.
KNOW ALL PERSONS BY THESE PRESENTS:
THAT, we , as Principal, and , as Surety, a surety company incorporated under the laws of the State of _____________________ and authorized to conduct a surety business
in the State of Washington, are indebted to City of Yelm, a political subdivision of the State of Washington, as Obligee, in the sum of $ for the payment of which we firmly bind
ourselves, our heirs, executors, administrators, legal representatives and successors and assignees, jointly and severally.
WHEREAS, the Obligee has approved construction plans dated for the construction of certain road, storm, water, and sewer improvements for the development known as
which are, or will be, dedicated to the City of Yelm pursuant to the provisions of Yelm Municipal Code Chapter 18.17; and
WHEREAS, Yelm Municipal Code Section 18.17 requires that the Principal furnish a bond conditioned to guarantee that the Principal will correct any defect in the dedicated improvements
caused by faulty design, construction, or other reason as determined by Yelm Public Works in an amount determined by the City of Yelm Public Works Director to insure that said improvements
will function correctly for a period of 24 months after final acceptance by City of Yelm.
NOW, THEREFORE, the condition of this obligation is such that if no repairs, corrective action or maintenance of any nature whatsoever of any portion of said improvements are necessary
within 24 months from date of acceptance by City of Yelm, and the Principal and Surety are released from said obligation, in writing, by the City of Yelm Public Services Director, then
this obligation shall be null and void; otherwise, it shall remain in full force and effects.
IN THE EVENT that any actions or proceedings are initiated with respect to this bond, the parties agree that the venue thereof shall be Thurston County, State of Washington. Should any
proceedings be necessary to enforce this bond, such sum as the Court may determine to be reasonable shall be awarded to Obligee as attorney’s fees and other sums found due.
SEALED with our seals and dated the day of , 20 .
PRINCIPAL SURETY
Principal or Agent (print) Name of Surety (print)
Principal or Agent’s Signature Officer’s Signature
Address Address
Phone Number Phone Number
All correspondence regarding this bond should be sent to: City of Yelm Public Works
901 Rhoton Road
Yelm, WA 98597
BOND TO INSURE CORRECTION OF DEFECTIVE IMPROVEMENTS
(ACKNOWLEDGMENT)
BOND NO.
STATE OF )
ss.
COUNTY OF )
I, the undersigned, a Notary Public in and for the State of ,duly commissioned and sworn, do hereby certify that on this ___________ day of _______________, 20______, personally
appeared ______________________________(Principal), to me known to be the individual described in and who executed the within instrument and acknowledged that (he/she/they) signed the
same as (his/her/their) free and voluntary act and deed, for the uses and purposes therein mentioned.
GIVEN UNDER MY HAND AND OFFICIAL SEAL THIS day of , 20 .
Notary Public in the State of
Residing in
My commission expires on