AMERICAN INSTITUTE OF ARCHITECTS
AIA Document A311
PERFORMANCE BOND
Bond Number 1328406
KNOW ALL MEN BY THESE PRESENTS: that Penn Wilson CNG as Principal, hereinafter
called Contractor, and Amwest Surety Insurance Company 330 North Brand, Suite
550, Glendale, CA 91203 as Surety, hereinafter called Surety, are held and
firmly bound unto A.E. Schmidt Environmental as Obligee, hereinafter called,
Owner, in the amount of One Million Four Hundred Thirty One Thousand Three
Hundred Nine Dollars ($1,431,309.00), for the payment whereof Contractor and
Surety bind themselves, their heirs, executors, administrators, successors
and assigns, jointly and severally, firmly by these presents.
WHEREAS,
Contractor has by written agreement dated June 25, 1997, entered into a
contract with Owner for
Supply and install compressed natural gas fueling station
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 Contractor
shall promptly and faithfully perform said Contract, 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 or extension of time
made by the Owner.
Whenever Contractor shall be, and declared by Owner to be in default
under the Contract, 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 succession of defaults under the
contract or contracts of completion arranged under this paragraph) sufficient
funds to pay the cast 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 Contractor under the Contract and any
amendments thereto, less the amount properly paid by Owner to Contractor.
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.
No right of action shall accrue on this bond to or for the use of any
person or corporation other that the Owner named herein are the heirs,
executors, administrators or successors of the Owner.
Signed and sealed this 11th day of June 1997.
/s/ John Weber
Penn Wilson CNG
/s/ Dennis Ding -------------------------------------------
- --------------------------------- (Principal) (Seal)
(Witness)
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(Title)
/s/ Kathy R. Mair
Amwest Surety Insurance Company
/s/ Fraizer Badran -------------------------------------------
- --------------------------------- (Surety) (Seal)
(Witness)
/s/ Jeffrey Strassner
-------------------------------------------
Jeffrey Strassner (Title)
Attorney-in-Fact