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TRIPARTITE TENDER AGREEMENT <br />THIS TRIPARTITE TENDER AGREEMENT ("Agreement") is made this 3rd <br />day of December , 2024, between The Ohio Casualty Insurance Company (hereinafter <br />referred to as "Surety"), Indian River County (hereinafter referred to as "Owner") and <br />Proctor Construction Company, LLC (hereinafter referred to as the "Completing <br />Contractor"). (Surety, the Owner and Completing Contractor, are sometimes collectively <br />referred to in this Agreement as the "Parties"). <br />RECITALS <br />WHEREAS, the Owner entered into a contract with Intertech Construction <br />Corporation of America ("Original Contractor") for the project known as Fire Station 11 <br />Remodel, Contract No. 2022061 (the "Project"), which is referred to herein as the "Original <br />Contract;" <br />WHEREAS, the Original Contract obligated Original Contractor to furnish certain <br />labor, services, materials, and equipment in connection with the performance and <br />completion of the Project; <br />WHEREAS, in connection with the Project, Surety issued a Public Construction <br />Bond on behalf of Original Contractor, as principal, and in favor of the Owner, as obligee, <br />bearing bond number 964227542 and containing a penal sum (the "Penal Sum") in the <br />amount of $260,470.00 (the "Bond"). Surety acknowledges that the Penal Sum has been <br />increased to $474,941.00 to reflect the corresponding increase to the Contract by changes <br />agreed to between Owner and Original Contractor; <br />WHEREAS, the Owner claims that Original Contractor defaulted on its obligations <br />on the Project, has asserted delay claims against the Original Contractor, has terminated <br />the Original Contractor's right to complete the Project, and has made demand on Surety <br />under the Bond; <br />WHEREAS, the Original Contractor has disputed the termination and has alleged <br />claims against the Owner, and the Parties agree that nothing herein shall waive the rights <br />of the Original Contractor or Surety against the Owner or the Owner's defenses to any <br />claim by the Original Contractor or Surety; <br />WHEREAS, without any admission of liability, Surety has elected to produce and <br />tender to the Owner, the Completing Contractor, who is acceptable to Owner; and <br />Completing Contractor warrants that it is ready, willing and able to perform and complete <br />all of the work required to be performed under the aforementioned Original Contract as <br />amended, all in accordance with the plans and specifications for the construction of the <br />