Article 4.-In case of default in completing the whole work to be done under this Contract within the time herein specified, including such extensions as may have been granted, the Contractor hereby agrees to pay to the party of the first part as liquidated damages for such default; First, a sum sufficient to compensate said first party for the cost and expense of employing engineers, inspectors, and employees to the extent that their services are reasonably required during the period of default by the work of this Contract; and Second, a sum equal to one-half of one per cent on all moneys that have been paid the Contractor under this Contract for each calendar month or part thereof that the completion of the whole work under this Contract is delayed. The party of the first part shall have the right to deduct such liquidated damages from any moneys due or to become due the Contractor, and the amount, if any, still owing after such deduction shall be paid on demand by the Contractor or his Surety. Payment of such liquidated damages shall not relieve the Contractor or his Sureties from any other obligation under this Contract. Article 5.-If the Contractor shall fail to comply with any of the terms, conditions, provisions, or stipulations of this Contract according to the true intent and meaning thereof, then the party of the first part may avail itself of any or all remedies provided in that behalf in the Contract, and shall have the right and power to proceed in accordance with the provisions thereof. Article 6. It is hereby agreed by the parties to this Agreement that the following exhibits attached thereto and made parts thereof shall constitute integral parts of said Agreement, the whole to be collectively known and referred to as the Contract: Article 7.—The Contractor agrees to furnish a bond or bonds in such form and in such amount and with such Sureties, as is hereinafter provided, and as will be satisfactory to the Board, conditioned upon the faithful and complete performance and carrying out of this Contract. IN WITNESS WHEREOF: The Miami Conservancy District, party of the first part, its Board of Directors having duly approved this Contract by resolution passed on the.. __day of______ 191___, has hereunto affixed its corporate name and the name of the President of its Board of Directors, and has hereto attached its corporate seal attested by the Secretary of its Board of Directors; and 111 -, party of the second part, has hereunto affixed his their name___ and seal___ its corporate name by its President thereunto duly authorized, and has hereto attached its corporate seal attested by its Secretary, in duplicate, the day and year first above written. duly authorized to transact business within the State of Ohio, as Surety, hereinafter called the Surety, are held and firmly bound unto THE MIAMI CONSERVANCY DISTRICT, a corporation organized under the laws of the State of Ohio, with its principal place of business located at Dayton, County of Montgomery, and State of Ohio, as Obligee, hereinafter called the District, in the sum of---- dollars ($-------) lawful money of the United States, for the payment whereof to the District the Contractor binds__ heirs, executors, administrators, successors, and assigns, and the Surety binds itself, its successors, and assigns, firmly by these presents. WHEREAS the Contractor and the District have entered into a written contract, dated the___ day of___ 191___, hereinafter called the Contract, a copy of which is attached hereto and made a part hereof, for---- THE CONDITION OF THIS OBLIGATION IS SUCH that if the said Contractor shall pay all persons, firms or corporations who perform labor or furnish equipment, supplies and materials for use in the work thereunder, and shall satisfy all claims against the District, for damages to life, limb or property that may be caused by the acts of, or negligence of, the Contractor or any of his agents or employees, and shall satisfy all suits or claims. brought against the District arising from the violation of any law, ordinance, regulation, order or decree on the part of the Contractor or any of his agents or employees; or from any infringement, or alleged infringement of patents in the work under said Contract; or howsoever originating from any of the operations under said Contract; and shall fully indemnify and save harmless the District from all cost and damage which it may suffer by reason of failure so to do, and shall fully reimburse and repay the District all outlay and expense which the District may incur in making good any such default, and in all other particulars shall faithfully perform the Contract on his part according to all the terms, covenants, and conditions thereof and within the time specified therein, then this obligation shall be void; otherwise to remain in full force and effect. PROVIDED, First That should the Contractor fail to comply with the provisions of the Contract to such an extent that the Contract shall be forfeited, the Surety shall have the right to assume the Contract and proceed to perform or sublet the same, as therein provided. And the Surety shall, in that event, be subrogated to all the rights and interests of the Contractor arising out of the Contract, and be entitled to hold and use all of the equipment and properties of the Contractor which may be necessary for the completion of the Contract; and all moneys which may be due the Contractor at the time of his default or which may thereafter become due said Contractor, under or by virtue of the Contract, shall become due and payable to the Surety as the work progresses, subject to all of the terms of the Contract. Second-That any alterations which may be made in the terms of the Contract, or in the work or materials to be furnished thereunder; or the granting by the District of any extension of time; or any forbearance or action on the part of either the District or the Contractor toward the other under said Contract; shall not in any way release the Contractor and the Surety, or either of them, their |
