BOND FOR QUALITY OF WORK EXECUTED WITH GUARANTEE FOR MAINTENANCE-SURETY JOINING THE BOND
KNOW ALL MEN by these presents; etc.
That we, the _________ company, of ___________, hereafter called the Principal and the ________ company, of ___________, a surety company authorized to do business in the state of __________, hereby undertake to _________ of _________, of guarantee for a period of _______ years from and after the date of its final acceptance of street improvement provided for in the contract placed by the Corporation on ______ in the terms of the plans and specification for said improvement.
AND we do specifically warrant and guarantee that in the event ______ inch or more be worn from any part of the surface of any street or streets constructed under said contract by the principal before or at the time of expiration of _______ years from the date of final acceptance of said improvement, then in that event the entire portion of the surface of such street or streets, so worn shall be replaced by the principal at its expense with new material accepted and approved by the mayor and _______ council, or their nominee, and the city engineer which material shall be placed on the street or streets, or portion of streets, in accordance with said specification; and we further undertake that in the event _____ per cent of the surface of any street or streets require patching by reason of holes worn or sunken or crackes therein, then the entire street on streets, where such deficiencies occur shall be entirely resurfaced throughout their extent with material of the same class as originally constructed in accordance with said specifications of said material, and in a manner acceptable to the city and the city engineer.
The obligations of this guarantee bond shall be deemed to be fulfilled at the end of ______ years from the final acceptance of said improvement by the city; provided that at that time all parts of every street or streets shall be in good surface as required by said specifications and the thickness and condition of the surface material be as required by said plans and specifications for said street improvement.
IN WITNESS WHEREOF etc.
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