Reso 2008-1298 - Laserfiche WebLink

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, PERFORMANCE BOND (Page 2 of 2) PROVIDED, HOWEVER, that this bond is subject to the following conditions and provisions: 1, This bond is for the term beginning August 15, 2008 and ending August 14, 2009 2. In the event of default by the Principal in performance of the contract during the term of this bond the Surety shall be liable only for the loss to the Obligee for actual excess costs of performance of the contract up to the expiration of the term of this bond and in no event shall the liability of the Surety exceed the penal sum stated in this bond, 3. No claim, action, suit or proceeding, except as hereinafter set forth, shall be instituted or maintained against the Surety under this instrument unless same be brought or instituted and process served upon the Surety within one year after the expiration of the term of this bond. 4. Neither non-renewal by the Surety, nor failure, nor inability of the Principal to file a performance bond for subsequent terms under said contract shall constitute loss to the Obligee recoverable under this bond. 5. The bond may be extended for additional terms at the option of the Surety, by continuation certificate executed by the Surety and the Principal but regardless of the number of extensions for additional terms and the number of premiums which shall be payable or paid, the liability of the Surety hereunder shall not be cumulative from year to year nor period to period. 6, No right of action shall accrue on this bond to or for the use of any person or corporation other than the Obligee named herein or the heirs, executors, administrators or successors of the Obligee. Signed and sealed this 1 st day of August 2008 _Stockto.~~~intenance Group, Inc. ~;pal) By: . _-=-___ ___=~ Western Surety Company By~~a- Ronald Lee Kaihoi (Surety)