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SETTLEMENT AGREEMENT <br />Principal: H&D Construction Co., Inc. <br />Surety: The Guarantee Company of North America USA <br />Obligee: Indian River Board of County Commissioners <br />Project: Egret Marsh Stormwater Management Facility <br />Bond No: 80052711 <br />� <br />This Settlement Agreement (the "Agreement') is made this % % A fday of December, 2014, <br />between the Indian River Board of County Commissioners (the "County"), and The Guarantee <br />Company of North America USA ("GCNA").") (the County and GCNA shall collectively be <br />referred to as the "Parties"). <br />WHEREAS, on or about December 9, 2008, the County and H&D entered into a written <br />agreement (the "Contract") for the construction of the project commonly known as the "Egret <br />Marsh Stormwater Management Facility" (the "Project"); and <br />WHEREAS, in connection with the Contract, GCNA, as surety, issued a Performance <br />Bond bearing bond number 80052711 (the "Bond') on behalf of H&D, as principal, and in favor <br />of the County, as obligee; and <br />WHEREAS, disputes have arisen between H&D and the County during the course of <br />construction, resulting in the County's issuance of communications to H&D, purporting to <br />declare a default against H&D under the Contract, indicating the County's intent to complete the <br />work required under the Contract, and making claim against GCNA under the Bond, and <br />WHEREAS, the County did, in fact, proceed to complete the work required of H&D <br />under the Contract, and <br />WHEREAS, GCNA has received claims against the Bond issued on the Project by <br />various subcontractors, materialmen and suppliers of H&D alleging non-payment for goods <br />and/or services provided on the Project, such claims exceeding the available contract balances <br />due and owing from the County to H&D; and <br />WHEREAS, as surety, GCNA's rights of equitable subrogation and contractual <br />assignment entitle GCNA to recover and utilize the available contract balances due and owing on <br />the Contract to mitigate its damages under the Bond: and <br />WHEREAS, the County has asserted claims against the available contract balances <br />associated with the costs incurred by the County to complete the work required of H&D under <br />the Contract; and <br />WHEREAS, the Parties wish to resolve their competing claims to the available contract <br />balances without need for litigation. <br />