R2024-97 Resolution Accepting the Bid and Authorizing the Execution of a Construction Contract with Lourash and Mahannah Excavation, LLC for the Oakley Sediment Basin Drainage Improvements, City Project 2022-04

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CNASURVY Bid Bond Band No. 66992032 CONTRACTOR: SURETY: (Name, legal status and address) (Name, legal status and principal place Lourash & Mahannah Excavation, LLC of business) Limited Liability Company WESTERN SURETY COMPANY S Long Creek Rd Dec South Dakota Corporation Decatur, IL 62521 151 North Franklin 17th Floor This document has important legal Chicago, IL 60606 consequences. Consultation with OWNER: an attorney is encouraged with (Name, legal status and address) respect to its completion or modification. City of Decatur Any singular reference to Governmental Entity Contractor, Surety, Owner or 1Gary x Anderson Plz other party shall be considered Decatur, IL 62523 plural where applicable. BOND AMOUNT: Ten Percent of the Amount Bid PROJECT: 100 of the Amount Bid (Nance, location or address,and Project number, if any) Oakley Sediment Basin 2024 Improvements Project #2022-04, Oakley, IL 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(1)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 the jurisdiction 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 hi 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 construed as a statutory bond and not as a common law bond. Signed and sealed this 20th _ day of March 2024_. Lour sh & Maa annn'ah Excavation, LLC ncipal) CORPORAL (Witness) C C)'Wei t., F _ (Title) SEAL WESTERN SURETY COMPANY (Surety) (,peal) (Witness) (Title) ( Cynthia A Howard Printed in cooperation with the American Institute ofArchitects(AIA). The language in this document conforms to the language used in AIA Document A310-Bid Bond-2010 Edition.