98-24 Signed agreement Reliable (1).pdf

Performance and Payment Bond Bond No: 873626 KNOW ALL MEN BY THESE PRESENTS, that we, Reliable Wood Products, LLC. | Caven Point Ave., Jersey City. NJ07305, the principal, and Evergreen National Indemnity Company. 6150 Oak Tree Boulevard, Suite 440, Independence, OH 44131, the Surety, are held and firmly bound unto the Township of West Orange, 25 Lakeside Ave., West Orange, NJ 07052 the Obligee, in the penal sum Five Hundred Thousand and 00/100 Dollars ($500,000.00) for the payment of which we bind ourselves, our heirs, administrators, executors, successors, and assigns, jointly and severally, firmly by these presents. WHEREAS, the Principal has entered into a certain written Contract for the Operation of the Township of West Orange Recycling Center, the above mentioned Obligee, dated the ist_day of October, 2013, which contract is hereby incorporated herein as if fully rewritten NOW, THEREFORE, the condition of the above obligation is such that if the Principal shall promptly and faithfully perform this Contract, including payment for all labor and materials for the purpose of performing said Contract, then this obligation shall be null and void; subject, however, to the following conditions: 1 2. This bond is for the term beginning July 31, 2023 and ending September 30, 2024. If there is no breach or default on the part of the Obligee, then the Surety’s performance and payment obligation under the bond shall arise after: a. The Obligee has notified the Principal and the Surety in writing at their respective addresses of the alleged breach, and has requested and attempted to arrange a conference with the Principal and the Surety to be held not later than fifteen (15) days after receipt of such notice to discuss methods of performing the Contract; and has made available during notice period all books, records, and accounts relevant to the Contract which may be requested by the Principal or Surety. If the Obligee, Principal and Surety agree, the Principal shall be allowed a reasonable time to perform the Contract; but such an agreement shall not waive the Obligee’s right, if any subsequently to declare a Principal default; b. The Obligee has declared the Principal in default and formally terminated the Principal’s right to complete the Contract, provided, however, that such default shall not be declared earlier than twenty (20) days after

declared the Principal in default and formally terminated the Principal’s right to complete the Contract, provided, however, that such default shall not be declared earlier than twenty (20) days after the Principat and the Surety have received the notice as provided in “a” above; and c The Obligee has agreed to pay the balance of the Contract price to the Surety in accordance with the terms of the Contract or to the such contractor as may be tendered by the Surety to the Obligee. d Notwithstanding the foregoing, Surety shall have the option to complete the Contract in accordance with its terms. The Obligee shall notify the Surety immediately of any change orders approved by the Obligee, any changes to the scope of work or to the duration of the Contract, or any increases to the Contract price. The Obligee shall immediately notify the Surety of any liens, levies, attested accounts, or other claims against the Principal of which the Obligee has actual or constructive notice, and no sums paid by the Obligee on account of such liens, levies attested accounts, or other claims without consent of Surety shall reduce the balance of the Contract price. No claim, action, suit or proceeding, except as hereinafter set forth, shall be had or maintained against the Surety of this instrument unless same be brought or instituted and process served upon the Surety within six months after the expiration of the bond. The parties hereto expressly acknowledge and agree that no liquidated damages shall be claimed, due or payable by Surety pursuant to this Bond. The bond may be extended for additional terms at the option of the Surety, by Continuation Certificate executed by the Surety. Neither non-renewal by the Surety, nor failure, nor inability of the Principal to file a replacement bond shall constitute loss to the Obligee recoverable under this bond, In no event shall the liability of the Surety, whether for payment or performance, hereunder exceed the penal sum hereof.