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CITY PROJECT 2017-21
<br /> City of Decatur, Illinois Contract Bond
<br /> Bond # 30023270
<br /> ' Project CD13G Sidewalk Improvement Project
<br /> Project Number 2017-21
<br /> ' We, Kinney Contractors, Inc., 19342 E Frontage Rd#1, Raymond, IL 62560
<br /> ' a/an) ❑ Individual ❑ Co-partnership ® Corporation organized under the laws of the Illinois
<br /> ' as PRINCIPAL,and
<br /> Western Surety Company as SURETY,
<br /> are held and firmly bound unto the City of Decatur(hereafter referred to as"CITY")in the penal sum of
<br /> Three Hundred Ninety-Seven Thousand,Forty-Seven and 50/100 Dollars------------------------------
<br /> ' Dollars( $397,047.50 ),lawful money of the
<br /> United States,well and truly to be paid unto said CITY,for the payment of which we bind ourselves,our heirs,
<br /> executors,administrators,successors,jointly to pay to the CITY this sum under the conditions of this instrument.
<br /> ' WHEREAS THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that,the said Principal has
<br /> entered into a written contract with the CITY for the construction of work on the above City Project,which contract
<br /> ' is hereby referred to and made a part hereof,as if written herein at length,and whereby the said Principal has
<br /> promised and agreed to perform said work in accordance with the terms of said contract,and has promised to pay
<br /> all sums of money due for any labor,materials,apparatus,fixtures or machinery furnished to such Principal for the
<br /> purpose of performing such work and has further agreed to pay all direct and indirect damages to any person,firm,
<br /> ' company or corporation suffered or sustained on account of the performance of such work during the time thereof
<br /> and until such work is completed and accepted;and has further agreed that this bond shall inure to the benefit of
<br /> any person,firm,company or corporation to whom any money may be due from the Principal,subcontractor or
<br /> ' otherwise for any such labor,materials,apparatus,fixtures or machinery so furnished and that suit may be
<br /> maintained on such bond by any such person,firm,company or corporation for the recovery of any such money.
<br /> ' NOW THEREFORE, if the said Principal shall well and truly perform said work in accordance with the terms of
<br /> said contract,and shall pay all sums of money due or to become due for any labor,materials,apparatus,fixtures or
<br /> machinery furnished to him for the purpose of constructing such work,and shall commence and complete the work
<br /> within the time prescribed in said contract,and shall pay and discharge all damages,direct and indirect,that may be
<br /> suffered or sustained on account of such work during the time of the performance thereof and until the said work
<br /> shall have been accepted, and shall hold the CITY harmless on account of any such damages and shall in all
<br /> ' respects fully and faithfully comply with all the provisions,conditions and requirements of said contract,then this
<br /> obligation to be void; otherwise to remain in full force and effect.
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