R2022-75 Resolution Accepting the Bid and Authorizing the Execution of a Contract with E.L. Pruitt Co. for 2022 Storm Drainage Improvement Project

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City of Decatur, Illinois Contract Bond Bond Number:107623749 ' Project 2022 STORM DRAINAGE IMPROVEMENT PROJECT Project Number 2022-30 We, E.L. Pruitt Combany 3090 Colt Road Springfield, IL 62707 ' a/an) ❑ Individual ❑ Co-partnership ® Corporation organized under the laws of the Delaware as PRINCIPAL, and Travelers Casualty&Surety Company of America ' One Tower Square Hartford CT 06183 as SURETY, Two Hundred Seventy-Seven Thousand, Ten Dollars and 00/100------------------------------------------------------------- -------------------------------------------------------------- Dollars ( $277,010.00 1, lawful monev of the United States, well and truly to be paid unto said CITY, for the payment of which we bind ourselves, our heirs, ' executors, administrators, successors,jointly to pay to the CITY this sum under the conditions of this instrument. WHEREAS THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, the said Principal has ' entered into a written contract with the CITY for the construction of work on the above City Project, which contract is hereby referred to and made a part hereof, as if written herein at length, and whereby the said Principal has promised and agreed to perform said work in accordance with the terms of said contract, and has promised to pay ' all sums of money due for any labor, materials, apparatus, fixtures or machinery furnished to such Principal for the purpose of performing such work and has further agreed to pay all direct and indirect damages to any person, firm, company or corporation suffered or sustained on account of the performance of such work during the time thereof ' and until such work is completed and accepted; and has further agreed that this bond shall inure to the benefit of any person, firm, company or corporation to whom any money may be due from the Principal, subcontractor or otherwise for any such labor, materials, apparatus, fixtures or machinery so furnished and that suit may be tmaintained on such bond by any such person, firm, company or corporation for the recovery of any such money. NOW THEREFORE, if the said Principal shall well and truly perform said work in accordance with the terms of ' said contract, and shall pay all sums of money due or to become due for any labor, materials, apparatus, fixtures or machinery furnished to him for the purpose of constructing such work, and shall commence and complete the work within the time prescribed in said contract, and shall pay and discharge all damages, direct and indirect, that may be ' suffered or sustained on account of such work during the time of the performance thereof and until the said work shall have been accepted, and shall hold the CITY harmless on account of any such damages and shall in all respects fully and faithfully comply with all the provisions, conditions and requirements of said contract, then this ' obligation to be void; otherwise to remain in full force and effect. 29