DEVELOPMENT STANDARDS SECTION 9 – BONDING STANDARDS 9 Bond No.____________ Public Works Surety Bond City of Ellensburg KNOW ALL MEN BY THESE PRESENTS: That we,___________________________________________, as Principal, and the ______________________________________, Surety Company whose principal office is located at____________________________, are held firmly bound unto the CITY OF ELLENSBURG, WASHINGTON, a Municipal Corporation, in the penal sum of ______________________________________________________________________________, ($___________________) DOLLARS, lawful money of the United States to be paid to the said City of Ellensburg, or to any person sustaining loss or injury for the exercise of doing work in a City street, sidewalk, alley, public thoroughfare, or public easement whichever is greater as provided by City of Ellensburg ordinance, the said principal binds himself, his heirs, executors, and administrators, and the said surety binds itself, its successors and assigns, jointly and severally, firmly by these presents. Signed, sealed and dated this _________________day of______________,20________. The conditions of this obligation are such that the above bounden Principal has applied for a permit to do work in a City street, sidewalk, alley, public thoroughfare, or public easement whichever is greater as required under Title Four of the City of Ellensburg Municipal Code. Principal agrees that actual construction of the approved off-site improvements covered by Name of Project __________________________________________________ AND WHEREAS, the City requires that a good and sufficient bond be furnished by Principal guaranteeing the satisfactory performance of the above described improvements. NOW THEREFORE, in the event the Principal fails to perform the work described above to the satisfaction of the City in accordance with the terms and conditions of the site development permit and the approved plan(s) and specification(s), or if the Principal defaults in any obligation to the City under the permit, the Surety shall be liable under this bond up to the amount of the bond for the full amount of the City’s expenses to construct or repair the improvements and all loss, cost, expense of damage suffered by the City due to the Principal’s failure to comply with any permit condition or other applicable laws and regulations. The Surety agrees that within 30 days of receiving notice that the Principal has defaulted on all or part of the terms guaranteed by this bond, the Surety shall either (1) notify the City in writing of its intent to cure the default itself within a reasonable time period acceptable to the City, and so cure, or (2) tender to the City the demanded sum, up to the amount of the bond. If the amount necessary for the City to cure the default is less than the amount tendered, the City will return, without interest, any overpayment to the Surety.
