R-1854 - 04/28/2020 - CONTRACTS - Resolutions Supporting DocumentsREVIEW OF CONTRACTS
AwardingtAgency: Ty_pg_of Contract:
DepartDepartment:Program/Account Number:
Awarded Contract Price:Budgeted Amount:
Under $20,000 E-1 $500,001 - $1,000,000
20,000 - $500,000
Over $1,000,000
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Name: Date:
Name: R V, Date:
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Three (3) Originals signed by other party Date/InitialsX 92-1
Original provided to staff member for other party Date/Initials gv r s
Original provided to Official Files Date/Initial V
Village of Oak Brook I Approved by Board of Trustees- Date/initials:-
VILLAGE OF OAK BROOK
CONTRACT FOR THE
GOLF CLUBHOUSE LOUNGE RENOVATION PROJECT
Full Name of Contractor: Nu Vision, Inc. ("Contractor")
Principal Office Address: 1218 Itasca Street, Bensenville, Illinois 60106
Contact Person:Andy Wroblewski, Owner Telephone Number: (773) 517-2746
TO: Village of Oak Brook("Village")
1200 Oak Brook Road
Oak Brook, Illinois
Attention: Sean Creed, Golf Manager/Superintendent
Contractor warrants and represents that Contractor has
carefully examined the Work Site described below and
has reviewed and understood all documents included,
referred to, or mentioned in this bound set of documents.
1. Work
A. Contract and Work. Contractor acknowledges,
and agrees, that Contractor shall, at its sole cost and
expense, provide, perform, and complete, in the manner
specified and described, and upon the terms and
conditions set forth, in this Contract, all of the following, 5. Miscellaneous. Do all other things required
all of which is herein referred to as the"Work": of Contractor by this Contract; and
1. Labor, Equipment, Materials and Supplies. 6. Qualit . Provide, perform, and complete all
Provide, perform, and complete, in the of the foregoing in a proper and workmanlike
manner specified and described in this manner, consistent with the standards of
Contract, all necessary work, labor, services, recognized professional firms in performing
transportation, equipment, materials, Work of a similar nature, in full compliance
supplies, information, data, and other means with, and as required by or pursuant, to this
and items necessary for the Golf Clubhouse Contract, and with the greatest economy,
Lounge Renovation Project as specified in efficiency, and expedition consistent
Exhibit A attached hereto, at the Oak Brook therewith, with only new, undamaged, and
Golf Clubhouse 2606 N. York Road, Oak first quality equipment, materials, and
Brook, Illinois 60523("Work Site"); supplies.
2. Permits. The Village will furnish all B. Performance Standards. Contractor
permits, licenses, and other governmental acknowledges and agrees that all Work shall be fully
approvals and authorizations necessary in provided, performed, and completed in accordance with
connection therewith; the quote dated January 20, 2020, attached hereto as
Exhibit A.
3. Bonds and Insurance. Procure and furnish
all bonds and all insurance certificates and C. Responsibility for Damage or Loss. Contractor
policies of insurance specified in this proposes, and agrees, that Contractor shall be
Contract; responsible and liable for, and shall promptly and
without charge to Village repair or replace, any damage
4. Taxes. Pay all applicable federal, state, and done to, and any loss or injury suffered by, the Village,
local taxes; the Work, the Work Site, or other property or persons as
a result of the Work.
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D. Inspection/Testing/Rejection. Village shall have All payments may be subject to deduction or
the right to inspect all or any part of the Work and to setoff by reason of any failure of Contractor to
reject all or any part of the Work that is, in Village's perform under this Contract. Each payment
judgment, defective or damaged or that in any way fails shall include Contractor's certification of the
to conform strictly to the requirements of this Contract value of, and partial or final waivers of lien
and the Village, without limiting its other rights or covering, all Work for which payment is then
remedies, may require correction or replacement at requested and Contractor's certification that all
Contractor's cost, perform or have performed all Work prior payments have been properly applied to
necessary to complete or correct all or any part of the the payment or reimbursement of the costs with
Work that is defective, damaged, or nonconforming and respect to which they were paid.
charge Contractor with any excess cost incurred thereby,
or cancel all or any part of any order or this Contract. 3. Contract Time
Work so rejected may be returned or held at Contractor's
expense and risk. Contractor acknowledges and agrees that Contractor
shall commence the Work within 15 days (weather
2. Contract Price permitting) following the Village's acceptance of this
Contract provided Contractor shall have furnished to the
Contractor acknowledges and agrees that Contractor Village all bonds and all insurance certificates specified
shall take in full payment for all Work and other matters in this Contract ("Commencement Date"). Contractor
set forth under Section 1 above, including overhead and further acknowledges and agrees that Contractor shall
profit; taxes, contributions, and premiums; and perform the Work diligently and continuously and shall
compensation to all subcontractors and suppliers, the complete the Work not later than March 31, 2020
compensation set forth below. Time of Performance"). The Village may modify the
Time of Performance at any time upon 15 days prior
A. SCHEDULE OF PRICES written notice to the Contractor. Delays caused by the
Village shall extend the Time of Performance; provided,
For providing, performing, and completing all however, that Contractor shall be responsible for
Work, the Not-To-Exceed Contract Price of completion of all Work within the Time of Performance,
57,500.00 notwithstanding any strike or other work stoppage by
TOTAL CONTRACT PRICE (in writing):
employees of either Contractor or of the Village.
4. Financial Assurance
Fifty Seven Thousand Five Hundred Dollars
A. Bonds. Contractor acknowledges and agrees
B. BASIS FOR DETERMINING PRICES that Contractor shall provide a Performance Bond and a
Labor and Material Payment Bond, on forms provided
It is expressly understood and agreed that: by, or otherwise acceptable to, the Village, from a surety
company acceptable to the Village, each in the penal sum
1. All prices stated in the Schedule of Prices of the Contract Price, within 10 days following the
are firm and shall not be subject to Village's acceptance of this Contract.
escalation or change;
B. Insurance. Contractor acknowledges and agrees
2. The Village is not subject to state or local that Contractor shall provide certificates of insurance
sales, use, and excise taxes, that no such evidencing the minimum insurance coverages and limits
taxes are included in the Schedule of Prices, set forth in Exhibit B within 10 days following the
and that all claim or right to claim any Village's acceptance of this Contract. Such policies shall
additional compensation by reason of the be in form, and from companies, acceptable to the
payment of any such tax is hereby waived Village. The insurance coverages and limits set forth
and released; Exhibit B shall be deemed to be minimum coverages and
limits and shall not be construed in any way as a
3. All other applicable federal, state, and local limitation on Contractor's duty to carry adequate
taxes of every kind and nature applicable to insurance or on Contractor's liability for losses or
the Work are included in the Schedule of damages under this Contract. The minimum insurance
Prices. coverages and limits that shall be maintained at all
times while providing, performing, or completing the
C. TIME OF PAYMENT Work are as set forth in Exhibit B.
It is expressly understood and agreed that any C. Indemnification. Contractor acknowledges and
final payments shall only be made upon agrees that Contractor shall indemnify and save
completion of the work and final approval by the harmless the Village its officers, officials, employees and
Village. volunteers, against all damages, liability, claims, losses,
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and expenses (including attorneys' fee)that may arise, or for the tax or the amount of tax, as set forth in 65 ILCS
be alleged to have arisen, out of or in connection with 5/11-42.1-1; or (ii) a violation of either Section 33E-3 or
Contractor's performance of, or failure to perform, the Section 33E-4 of Article 33 of the Criminal Code of 1961,
Work or any part thereof, or any failure to meet the 720 ILCS 5/33E-1 et seq.
representations and warranties set forth in Section 6 of
this Contract. D. Qualified. Contractor has the requisite
experience, ability, capital, facilities, plant, organization,
D. Penalties. Contractor acknowledges and agrees and staff to enable Contractor to perform the Work
that Contractor shall be solely liable for any fines or civil successfully and promptly and to commence and
penalties that are imposed by any governmental or complete the Work within the Contract Price and
quasi-governmental agency or body that may arise, or be Contract Time set forth above.
alleged to have arisen, out of or in connection with
Contractor's performance of, or failure to perform, the 7. Acknowledgements
Work or any part thereof.
In submitting this Contract, Contractor
5. Firm Proposal
In
and agrees that:
All prices and other terms stated in this Contract are A. Reliance. The Village is relying on all
firm and shall not be subject to withdrawal, escalation, warranties, representations, and statements made by
or change. Contractor in this Contract.
6. Contractor's Representations and Warranties B. Acceptance. If this Contract is accepted,
Contractor shall be bound by each and every term,In order to induce the Village to accept this Contract, condition, or provision contained in this Contract.
Contractor hereby represents and warrants as follows:
C. Remedies. Each of the rights and remedies
A. The Work. The Work, and all of its components, reserved to the Village in this Contract shall be
shall strictly conform to the requirements of this cumulative and additional to any other or furtherContract, including, without limitation, the performance remedies provided in law or equity or in this Contract.
standards set forth in Subsection 1B of this Contract;
and shall be fit, sufficient, and suitable for the purposes D. Time. Time is of the essence in the performance
expressed in, or reasonably inferred from, this Contract of all terms and provisions of this Contract and, except
and the warranties expressed herein shall be in addition where stated otherwise references in this Contract to
to any other warranties expressed or implied by law, days shall be construed to refer to calendar days and
which are hereby reserved unto the Village. time.
B. Compliance with Laws. The Work, and all of its E. No Waiver. No examination, inspection,
components, shall be provided, performed, and completed investigation, test, measurement, review, determination,
in compliance with, and Contractor agrees to be bound decision, certificate, or approval by the Village, whetherby, all applicable federal, state, and local laws, orders, before or after the Village's acceptance of this Contract;
rules, and regulations, as they may be modified or nor any information or data supplied by the Village,
amended from time to time, including without limitation, whether before or after the Village's acceptance of thisifapplicable, the Prevailing Wage Act, 820 ILCS Contract; nor any order by the Village for the payment of130/0.01 et seg.; any other prevailing wage laws; any money; nor any payment for, or use, possession, or
statutes requiring preference to laborers of specified acceptance of, the whole or any part of the Work by the
classes; any statutes prohibiting discrimination because Village; nor any extension of time granted by the Village;
of, or requiring affirmative action based on, race, creed, nor any delay by the Village in exercising any right
color, national origin, age, sex, or other prohibited under this Contract; nor any other act or omission of the
classification; and any statutes regarding safety or the Village shall constitute or be deemed to be an acceptance
performance of the Work. Further, Contractor shall of any defective, damaged, or nonconforming Work, norhaveawrittensexualharassmentpolicyincomplianceoperatetowaiveorotherwisediminishtheeffectofanywithSection2-105 of the Illinois Human Rights Act representation or warranty made by Contractor; or ofduringthecourseofthework.
any requirement or provision of this Contract; or of any
C. Not Barred. Contractor is not barred by law
remedy, power, or right of the Village.
from contracting with the Village or with any other unit F. Severability. It is hereby expressed to be the
of state or local government as a result of (i) a intent of the parties to this Contract that should anydelinquencyinthepaymentofanytaxadministeredbyprovision, covenant, agreement, or portion of thistheIllinoisDepartmentofRevenueunlessContractorisContractoritsapplicationtoanyPersonorpropertybe
contesting, in accordance with the procedures held invalid by a court of competent jurisdiction, the
established by the appropriate Revenue Act, its liability remaining provisions of this Contract and the validity,
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enforceability, and application to any Person or property Department of Labor and his or hers deputies and
shall not be impaired thereby, but the remaining agents; and (ii) at all reasonable hours at a location
provisions shall be interpreted, applied, and enforced so within this State.
as to achieve, as near as may be, the purpose and intent
of this Contract to the greatest extent permitted by K. Conflicts of Interest. Contractor represents and
applicable law. certifies that, to the best of its knowledge, (1) no elected
or appointed Village official, employee or agent has a
G. Amendments and Modifications. No amendment personal financial interest in the business of the
or modification to this Contract shall be effective until it Contractor or in this Agreement, or has personally
is reduced to writing and approved and executed by the received payment or other consideration for this
corporate authorities of the parties in accordance with all Agreement; (2) as of the date of this Agreement, neither
applicable statutory procedures. Contractor nor any person employed or associated with
Contractor has any interest that would conflict in any
H. Assignment. Neither this Contract, nor any manner or degree with the performance of the
interest herein, shall be assigned or subcontracted, in obligations under this Agreement; and (3) neither
whole or in part, by Contractor except upon the prior Contractor nor any person employed by or associated
written consent of the Village. with Contractor shall at any time during the term of this
Agreement obtain or acquire any interest that would
I. Governing Law: Venue. This Contract shall be conflict in any manner or degree with the performance of
governed by, construed and enforced in accordance with the obligations under this Agreement.
the internal laws, but not the conflicts of laws rules, of
the State of Illinois. Venue for any action arising out of L. Exhibits and Other Agreements. If any conflict exists
or due to this Contract shall be in the Circuit Court for between this Agreement and any exhibit attached hereto
DuPage County, Illinois. or any other Agreement between the parties relating to
this transaction, the' terms of this Agreement shall
J. Certified Payrolls. Contractor shall, in
prevail.
accordance with Section 5 of the Illinois Prevailing Wage
Act, 820 ILCS 130/5, submit to the Village, on a monthly M. No Disclosure of Confidential Information b y thebasis, a certified payroll, if applicable. The certified Consultant. The Consultant acknowledges that it
payroll shall consist of a complete copy of those records
shall, in performing the Services for the Village underrequiredtobemadeandkeptbythePrevailingWage
this Agreement, have access, or be directly orAct. The certified payroll shall be accompanied by a
indirectly exposed, to Confidential Information. ThestatementsignedbytheContractororsubcontractor
Consultant shall hold confidential all Confidentialwhichcertifiesthat: (1) such records are true and
accurate; (2) the hourly rate paid is not less, if Information and shall not disclose or use such
applicable, than the general prevailing rate of hourly Confidential Information without the express prior
wages required by the Prevailing Wage Act; and (3) written consent of the Village. The Consultant shall
Contractor or subcontractor is aware that filing a use reasonable measures at least as strict as those the
certified payroll that he or she knows to be false is a Consultant uses to protect its own confidential
Class B misdemeanor. A general contractor may rely information. Such measures shall include, without
upon the certification of a lower tier subcontractor, limitation, requiring employees and subcontractors of
provided that the general contractor does not knowingly the Consultant to execute a non-disclosure agreement
rely upon a subcontractor's false certification. Upon two before obtaining access to Confidential Information.
business days' notice, Contractor and each subcontractor
shall make available for inspection the records required
to be made and kept by the Act: (i) to the Village, its
officers and agents, and to the Director of the Illinois
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IN WITNESS WHEREOF the parties hereto VILLAGE OF OAK BROOK, an Illinois
have caused this Agreement to be executed, municipal corporation
effective on Fez 5'-f
2020.
ATTEST:
I
Village Clerk Village Manager
ATTEST: /
1NU
VISION,INC.
By: (/1 1. By:
92 C' _9 c'r
Its: l!- Its: 4L13 fl,P4 °
5
EXHIBIT A
QUOTE DATED JANUARY 20, 2020)
6
9XU Nu Vision Inc.
phone: (773) 517 2746Visionfax: (630) 766 3197
www.nuvisionhome.comInc.
CONTRACT
Nu Vision Inc. (contractor)agrees to furnish all materials and labor necessary to do modernization work and improvements
on the premises located at the address listed below under the following terms and conditions.
Owners Name Village of Oak Brook- Oak Brook Golf Club phone 630-368-6402
Address2fi0j6__YQrk-RQ2d__. Date 1/20/20
City Oak Brook State IL Zip Code 60523
The undersigned Conlrector agrees to furnish the following materials,improvements,labor,and/or services
Estimate is labor only.Client will purchase all materials,provige hydraulic lift and dumpster.Nu Vison will hire and pay all subcontractors.
Flooring-Remove,haul and discard existing carpeting.P!,p floor as needed and install new flooring throughout the lounge and front entrance.
Ceiling-Prep and sand ceiling prior to application.Apply polyurethane sealant to ceiling.2 or 3 coats may be needed.
Derr-Select interior walls,light fixtures,baseboards,door casings and trim.
Trim Work-Install new baseboards and door moldings throughout the interior.All materials to be stained or painted.
Painting-Clean prep and paint walls ceilinas_OndowArifn-select beams.and interior doors
Fireptac --Build_fir@(Llar.Q inrli ming cnffit anri Iightin'on east wall.Frame,drywallrtiWbrick_and inctau gas/Jectdr mepLw-e T!
Bar-.Build soffit and install select lighting install cabinets;shelving-and additional-materiats as basic-bararaa.-
Wir+lows-instaO aif windowstir assist-window conttacior wttty-eompcxtent the profeet.«Gerpenl y needs arevnknown-et --
as,ot-472&2&.-Exteriormottling of dtrecter}-.-.---m._
tfgtlltng=Rembvu a"exist rg tight W
DtyRO-rrageiod-i_Reitliv6-duo-rw y n rywa . woo rim a ove sou eas wa
Owner agrees to pay Contractor for all labor and material and services lobe lumished by Contractorto Owner,under the terms of this contract.
Total Amount-See Page 2 for additional labor and project cost.
Deposit_. S
Balance__
All warranties will be Issued upon completion and payment in full.
This contract shall become effective unless owner is otherwise notified In writing within thirty days by an authorized officerofContractor.This contract contains the entire understanding and agreement between the parties and no oral agreements orchangesaretoberecognized.
Owner represents that Owner owns the property on which the work is to be furnished.
Contractor shall not be liable for delays caused by strikes,weather conditions,delay in obtaining goods or other causesbeyondItscontrol.
Contractor is not responsible for conditions or circumstances beyond its control including but not limited to condensationresultingfromorduetopre-existing conditions or excessive humidity or damage caused by water spillage,root leaks,or icedamming.
Painting, staining, redecorating,or repair of wall cracks from removal of old windows or doors is not included in thiscontract.
Payment is due In full upon substantial completion of Installation as described above.
Should the owner fall to pay in full as provided herein upon substantial completion,the owner will be responsible for courtcosts,costs of litigation,and reasonable attorney's fees incurred by contractor In the collection of past due amounts.You,the Owner,may cancel this transaction at any time prior to midnig the third busin a ay fter the date of thistransaction.See the attached Notice of Right of Rescission form for an exp! nati not this right
Owner hereby/agrees that Contractor may use before and after photog ph of the proper In C ntr tor's a vertising.
Dated l G 2Q .._ Owner
s
Nu Vision Inc.
Contractor)
J Nu Vision Inc.
Vision
phone: (773) 517 2746
Nu fax: (630) 766 3197
Inc.
www.nuvisionhome.com
CONTRACT
Nu Vision Inc. (contractor)agrees to furnish all materials and labor necessary to do modernization work and improvements
on the premises located at the address listed below under the following terms and conditions.
Owners Name Village of Oak Brook- Oak Brook Golf Club Phone
Address PAGE 2/2 Date
City State Zip Code
The undersigned Contractor agrees to furnish the following materials,improvements,labor,and/or services
West Wall-Frame all,paint and stone both interior of south and north doorways of the west wall
Design-Nu Vision will assist in the design component of the project in conjunction with staff and designer.
Miscellaneous-Drywall and install stone tile/brick on support beams.
LABOR TIME IS ESTIMATED AT 4-6 WEEKS AND$50,000. NU VISION AND VILLAGE OF OAK BROOK AGREE TO A 15%
CONTINGENCY IF THE PROJECT EXCEEDS,6 WEEKS TOTAL LABOR PAID TO NU VISION NOT TO EXCEED$57.500.
Owner agrees to pay Contractor for all labor and material and services to be furnished by Contractor to Owner,underthe terms of this contract.
Total Amount
Deposit
Balanc®
All warranties will be Issued upon completion and payment in full.
This contract shall become effective unless owner is otherwise notified In writing within thirty days by an authorized officerofContractor.This contract contains the entire understanding and agreement between the parties and no oral agreements orchangesaretoberecognized.
Owner represents that Owner owns the property on which the work is to be furnished.
Contractor shall not be liable for delays caused by strikes,weather conditions,delay in obtaining goods or other causesbeyonditscontrol.
Contractor is not responsible for conditions or circumstances beyond its control including but not limited to condensation
resulting from or due to pre-existing conditions or excessive humidity or damage caused by water spillage,roof leaks,or icedamming.
Painting, staining, redecorating, or repair of wall cracks from removal of old windows or doors Is not included in thiscontract.
Payment is due In full upon substantial completion of installation as described above.
Should the owner fail to pay in full as provided herein upon substantial completion,the owner will be responsible for court
costs,costs of litigation,and reasonable attorney's fees incurred by contractor in the collection of any past due amounts.You,the Owner,may cancel this transaction at any time prior to midnight of the third bust ss day after the date of thistransaction.See the attached Notice of Right of Rescission form for an exp n ion of this ri t.
Owner hereby agrees that Contractor may use before and after photog aph of the pro rty n C ntract is advertising.
r
Dated - - - —r 20 Owner
Nu Vision Inc.
Contractor)
EXHIBIT B
INSURANCE REQUIREMENTS)
Certificates of Insurance shall be presented to the Village upon execution of this contract and vendor shall not
commence work until it provides and receives acceptance of insurance certificates from the Village as required by
this exhibit.
Each contractor performing any work pursuant to a contract with the Village of Oak Brook and each permittee
working under a permit as required pursuant to the provisions of Title 1 of Chapter 8 of the Code of Ordinances of
the Village of Oak Brook (hereinafter referred to as "Insured") shall be required to carry such insurance as
specified herein. Such contractor and permittee shall procure and maintain for the duration of the contract or
permit insurance against claims for injuries to persons or damages to property which may arise from or in
connection with the performance of the work under the contract or permit, either by the contractor, permittee, or
their agents, representatives, employees or subcontractors.
A contractor or permittee shall maintain insurance with limits no less than:
A. General Liability - $2,000,000 combined single limit per occurrence for bodily injury, personal injury and
property damage;
B. Automobile Liability (if applicable) - $1,000,000 combined single limit per accident for bodily injury and
property damage;
C. Worker's Compensation and Employer's Liability-Worker's Compensation limits as required by the Labor
Code of the State of Illinois and Employer's Liability limits of$1,000,000 per accident.
Any deductibles or self-insured retention must be declared to and approved by the Village. At the option of the
Village, either the insurer shall reduce or eliminate such deductible or self-insured retention as respects the
Village, its officers, officials, employees and volunteers; or the Insured shall procure a bond guaranteeing
payment of losses and related investigations, claim administration and defense expenses to the extent of such
deductible or self-insured retention.
The policies shall contain,or be endorsed to contain, the following provisions:
D. General Liability and Automobile Liability Coverage -
1)The Village,its officers, officials,employees and volunteers are to be covered as additional insureds as
respects: liability arising out of activities performed by or on behalf of the Insured;premises owned,
occupied or used by the Insured. The coverage shall contain no special limitations on the scope of
protection afforded to the Village, its officers, officials, employees,volunteers,or agents.
2)The Insured's insurance coverage shall be primary insurance as respects the Village, its officers,
officials, employees, volunteers and agents. Any insurance or self-insurance maintained by the
Village, its officers, officials, employees, volunteers or agents shall be in excess of the Insured's
insurance and shall not contribute with it.
3)Any failure to comply with reporting provisions of the policies shall not affect coverage provided to the
Village, its officers, officials, employees,volunteers or agents.
4)The Insured's insurance shall apply separately to each covered party against whom claim is made or
suit is brought except with respect to the limits of the insurer's liability.
E. Worker's Compensation and Employer's Liability Coverage
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The policy shall waive all rights of subrogation against the Village, its officers, officials, employees,
volunteers and agents for losses arising from work performed by the insured for the Village.
Each insurance policy shall be endorsed to state that coverage shall not be suspended,voided,canceled by either
party, reduced in coverage or in limits except after thirty (30) days prior written notice by certified mail has
been given to the Village. Each insurance policy shall name the Village, its officers, officials and employees,
volunteers and agents as additional Insureds. Insurance is to be placed with insurers with a Best's rating of no
less than A:VII.
Each Insured shall furnish the Village with certificates of insurance and with original endorsements effecting
coverage required by this provision. The certificate and endorsements for each insurance policy are to be signed
by a person authorized by that insurer to bind coverage on its behalf. The certificates and endorsements are to
be on forms approved by the Village and shall be subject to approval by the Village Attorney before work
commences. The Village reserves the right to require complete, certified copies of all required insurance policies,
at any time.
Each insured shall include all subcontractors as insureds under its policies or shall furnish separate certificates
and endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of the
requirements stated herein.
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PERFORMANCE TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICABONDHartford, Connecticut 06183PublicWork)
Bond No /107216947 -
KNOW ALL BY THESE PRESENTS, That we, Nu Vision Home Inc, as Principal, andTravelersCasualtyandSuretyCompanyofAmerica, a Connecticut corporation, as Surety, are held and firmlybounduntoTheVillageofOakBrook, as Obligee, in the sum of Fifty Seven Throusand Five Hundred Dollars57,500) for the payment whereof said Principal and Surety bind themselves,jointly and severally, as providedherein.
WHEREAS. Principal has entered into a contract with Obligee datedRenovationProject ("Contract"). for Golf Clubhouse Lounge
NOW, THEREFORE, the condition of this obligation is such that if Principal shall perform the Construction WorktobedoneundertheContract, then this obligation shall be null and void; otherwise to remain in full force andeffect. Surety's obligations hereunder shall not arise unless Principal is in default under the Contract for failing toperformtheConstructionWork, and has been declared by Obligee to be in default under the Contract for failingtoperformtheConstructionWork; and Obligee has performed its obligations under the Contract. In such event,Surety shall have a reasonable period of time to:
1
Upon entering into an acceptable written takeover agreement with Obligee, undertake toperformandcompletetheConstructionWorktobedoneundertheContract;or
2.
Obtain bids or negotiated proposals from qualified contractors for a contract for completion oftheConstructionWorktobedoneundertheContract, arrange for a contract to be prepared for execution byObligeeandcontractor, to be secured with performance and payment bonds executed by a qualified surety;or
3. Waive its right to perform or complete the Construction Work pursuant to paragraphs 1 and 2above, and with reasonable promptness under the circumstances: (a)After investigation, determine the amountforwhichitmaybeliabletotheObligeeand, as soon as practicable after the amount is determined, tenderpaymenttherefortotheObligee; or (b) Deny liability in whole or in part and notify the Obligee citing reasonstherefor.
4.
The Contract balance, as defined below, shall be credited against the reasonable constructioncostofcompletingtheConstructionWorktobeperformedundertheContract, If completed by Obligee pursuanttoparagraphs2or3above, and the reasonable construction cost exceeds the Contract balance, Surety shallpaytoObligeesuchexcess, but in no event shall the aggregate liability of Surety exceed the amount of thisbond.
If Surety completes the Construction Work pursuant to paragraph 1 above, that portion of the ContractbalanceasmayberequiredtocompletetheConstructionWorktobedoneundertheContractandtoreimburseSuretyforitsoutlaysshallbepaidtoSuretyatthetimesandinthemannerassaidsumswouldhavebeenpayabletoPrincipalhadtherebeennodefaultundertheContract; provided, however, that to the extent thatSurety's outlays exceed the Contract balance paid to Surety by Obligee, Surety shall be entitled to a dollar fordollarreductionofitsliabilityunderthisbond, and Surety's aggregate liability shall not exceed the penal sum ofthisbond. The term "Contract balance,"
as used in the paragraph, shall mean the total amount payable byObligeeundertheContractandanyamendmentsthereto, less the amounts property paid by Obligee to PrincipalundertheContract. The term "Construction Work" as used herein shall mean the providing all labor and/ormaterialnecessarytocompletePrincipal's scope of work under the Contract. Notwithstanding any language intheContracttothecontrary, the Contract balance shall not be reduced or set off on account of any obligation.contractual or otherwise, except the reasonable construction cost incurred in completing the Construction Work.
S.
Any suit by Obligee under this bond must be instituted before the earlier of., (a)the expiration ofoneyearfromthedateofsubstantialcompletionoftheConstructionWork, or(b)one year after Principal ceasedperformingtheConstructionWorkundertheContract, excluding warranty work. if this bond is provided to
Performance Bond—Page 1 of 2