Page 9 - scvhs1980countycontract

3 of said-Civil Code or in a separate suit brought upon the bond. Each bond

shall be in a sum equal to One-Hundred Percent (100%) of the costs for

construction of the works ·of improvement to be located upon the said property,

as estimated by the Directo·r. The condition of the perfonnance bond shall

be such that if the principal shall well and truly perfonn the construction

herein required, pursuant to the approved plans and specifications.therefor,

·then surety shall no longer be bound thereon. The condition of the payment

bond shall be such that if the principal shall well and truly pay, or cause

to be paid, all claims for labor, materials, appliances, teams, or power, or

either or all, perfonned, furnished or contributed in connection· ·with said

works of improvement,· then surety shall no longer be bound thereon. Said

bonds shall be subject to approval by the Director as to sufficiency and

liability of sureties named thereon. Said bonds shall be maintained in full

force and_effect by Society until said works of improvement have been

completed and claims for labor and material have been paid.

7. 02 The Director may accept in lieu of the bonds _:f?.eretofore.

described, the perfonnance and payment bonds of corporations duly authorized
to issue surety bonds by the State, naming as principal _a licensed con-

tractor employed by Society to construct.works of improvement on said

property, provided each bond is in an amount equal to the percentage herein- -

•above provided for said bonds of the cost of the construction to be perfonned

by said contrator; names County as an additional obligee·; contains tenns

and conditions substantially similar to the requirements heretofore specified;

and is satisfactory as to sufficiency and liability of sureties named

thereon.

7. 03 _The Director may also accept in lieu of the bonds heretofore

described, the promise of one or more individuals to pay County in the event