Township Council Meeting — Packet

OF WEST ORANGE in the COUNTY OF ESSEX, as Obligee, then this obligation shall be void, otherwise the same shall remain in full force and effect, it being expressly understood and agreed that the liability of the Surety for any and all claims hereunder shall in no event exceed the penal amount of this obligation as herein stated. The said Surety hereby stipulates and agrees that no changes, alterations, modifications, omissions, or additions in or to the terms of the said Contract, or in or to the Plans or Specifications therefore or any extension of time for the performance of any of the work covered thereby shall in any way affect the obligation of said Surety on this Bond, and the Surety does hereby waive notice of any and all such changes, alterations, modifications, omissions, or additions, in or to the terms of the said Contract or in or to the Plans or Specifications therefore and of any and all such extensions of time for the performance of any of the work covered thereby. The purpose of the performance guarantee is to assure the installation of the required improvements, to render the obligor and the Surety liable to the municipality of the reasonable costs of making such improvements if they are not installed properly, and in such case, to provide the means by which the municipality itself may remedy any deficiencies. Signed, sealed and acknowledged in the presence of: (Seal) Contractor's Signature B-2