|
2. On or before thirty (30) days from the Effective Date of this Agreement, Ahtna
<br />shall, on behalf of itself and each of the Released Parties, pay to the County the sum of One
<br />Hundred Thousand Dollars ($100,000.00) (the "Settlement Payment"). The Settlement Payment
<br />shall be made by wire transfer to an account as directed by the County in writing.
<br />3. The County shall deliver an executed copy of this Agreement to counsel for Ahtna,
<br />who shall hold the Agreement in Escrow until the Settlement Payment has been wired to the
<br />County in accordance with paragraph 2. above. Once the Settlement Payment has been wired to
<br />the County, counsel for Ahtna shall be free to deliver the fully executed Agreement to Ahtna and/or
<br />Great American Insurance Company and the Bid Bond shall be considered discharged, withdrawn
<br />and null and void. In the event that the Settlement Payment is not wired to the County in
<br />accordance with the terms of this Agreement, this Agreement shall be deemed null and void.
<br />4. The County shall provide the wiring instructions referenced in paragraph 2 to
<br />counsel for Ahtna simultaneously with the delivery of a signed copy of this Agreement.
<br />5. The County represents and warrants that it has lost the original Bid Bond and
<br />therefore cannot return it to Ahtna or Great American Insurance Company. The County further
<br />represents that it has not assigned or transferred the Bid Bond to any other party or entity and
<br />agrees to indemnify Ahtna and Great American Insurance Company from any and all costs,
<br />expense or amounts it incurs in the event that any parry attempts to collect upon the Bid Bond,
<br />including but not limited to reasonable attorneys' fees and costs In the event that the County
<br />locates the original Bid Bond, it will immediately send the original Bid Bond to counsel for Ahtna.
<br />6. Ahtna shall be permitted to bid on future projects for which bids are solicited by
<br />the County.
<br />7. In the event that the County receives any inquiries regarding its experience with
<br />Ahtna, the County will advise the inquiring party that any and all disputes between the parties were
<br />promptly and satisfactorily resolved. No party will issue any press releases regarding the dispute
<br />or this Agreement.
<br />8. It is further understood and agreed that this Settlement Agreement is the
<br />compromise of disputed claims and that the payment made is not to be construed in any way as an
<br />admission of liability by Ahtna, which expressly denies any liability for the claims that were or
<br />could have been brought by the County, including in connection with the Project, Ahtna's Bid or
<br />the Bid Bond.
<br />9. Except for and subject to the respective rights, obligations, and agreements set forth
<br />in this Agreement, the County, including the Board of County Commissioners, its representatives,
<br />attorneys, employees, and agents, to the fullest extent permitted by law, hereby release, remise,
<br />acquit and forever discharge Ahtna and Great American Insurance Company and their respective
<br />current and former predecessors, successors, affiliates, subsidiaries, parents, divisions,
<br />partnerships, joint ventures, associates, representatives, owners, members, managers, heirs,
<br />assigns, shareholders, principals, attorneys, officers, directors, employees, and agents (collectively
<br />the "Released Parties") , for, from, and against any and all claims, debts, duties, promissory notes,
<br />guaranties, benefits, costs, expenses, judgments, settlements, actions, causes of action, demands,
<br />2
<br />
|