R2012-180 AUTHORIZING AGREEMENT WITH BLACK & VEATCH CONSTRUCTION INC.

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ATTACHMENT A CONTRACT BOND Bond No.09099883 KNOW ALL PERSONS BY THESE PRESENTS: That BLACK & VEATCH CONSTRUCTION, INC, as Principal, hereinafter called Design/Builder, Fidelity and Deposit Company of Maryland as Surety, hereinafter called Surety, are held and firmly bound unto the CITY OF DECATUR as Obligee, hereinafter called Owner, in the amount of Nine hundred and Ninety Five Thousand, two hundred and ninety six Dollars, ($995,296) for the payment whereof Design/Builder and Surety bind themselves, their heirs, executors, administrators, successors and assigns,jointly and severally, firmly by these presents. WHEREAS, Design/Builder has by written agreement dated October 10 , 2012, entered into a contract with Owner for "2012 TEMPORARY VERTICAL WELLS", CITY PROJECT 2012-32, in accordance with Drawings and Specifications prepared by the Owner which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Design/Builder shall promptly and faithfully perform said Contract and is in full compliance with the Illinois Prevailing Wage Act then this obligation shall be null and void; otherwise it shall remain in full force and effect. The Surety hereby waives notice of any alteration of the contract or extension of time made by Owner. Whenever Design/Builder shall be, and declared by Owner to be in default under the Contract, including full compliance with the Illinois Prevailing Wage Act, the Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly: 1. Complete the Contract in accordance with its terms and conditions; or 2. Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the lowest responsible bidder, or if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price" as used in this paragraph, shall mean the total amount payable by Owner to Design/Builder under the Contract and any Contract Change Orders thereto, less the amount properly paid by Owner to Design/Builder. Any suit under this bond must be instituted before the expiration of two (2) years from the date on which final payment under the Contract falls due. I