Agmt08 Field Turf Builders, LLC - Laserfiche WebLink

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Warren , NJ 07059 Telephone: 908-903-3423 Fax: 908-903-3030 rtowle@chubb.com 18. No Third-Partv Riahts. Nothing in this Agreement shall be deemed to create any rights in favor of, or to inure to the benefit of, any third party or parties, or to waive or release any defense or limitation against third party claims. 19. All Claims bv Subcontractors or Suppliers shall be Referred to the Suretv. The Owner recognizes that the Surety may be liable to unpaid suppliers and subcontractors of the Contractor for work or materials supplied to the project prior to the date of this Agreement. The Owner agrees to make no representations or promises of payment to these suppliers and subcontractors for such material or work and to refer all inquiries to the Surety. Surety acknowledges Owner's obligations to withhold funds in response to stop notices filed in accordance with applicable law. Owner shall promptly notify surety upon receipt of a stop notice. 20. The Suretv's Performance Riahts Confirmed. Except as set forth in this Agreement and the General Contract, the Surety possesses the rights as a completing surety in accordance with California law. The Owner hereby recognizes those rights, including the right of equitable subrogation which affords to the Surety all rights and remedies of the Owner against the Contractor, such as offset and withholding Further, the Owner also recognizes the Surety's subrogation rights as a performing Surety under the General Contract, including the right to additional compensation or damages where allowed and appropriate under the General Contract or applicable law for claims or matters arising after the date of this Agreement. The Owner expressly agrees and acknowledges: (i) that the Surety is entering into this Agreement not as a contractor, but as a means of satisfying the Surety's performance obligations under the Performance Bond; (ii) that the Surety is entering into an agreement with the Completing Contractor, a fully licensed contractor, to finish the Project; and (iii) that the Owner hereby forever releases and discharges any and all claims that the Surety is an unlicensed contractor. 21. Claims Preserved. All claims, rights, causes of action ("Claims") of the Contractor against the Owner, except Claims related to Contractor's inability to perform the Work and termination for default, and the Owner against the Contractor, arising prior to the execution of this Agreement are preserved. 22. Aareement Bindina on Successors. This Agreement shall be binding upon the successors and assignees of the Surety and Owner. 23. Warranties. It is understood and agreed that upon completion of the Project the Surety shall be responsible for any and all warranty obligations required by the General Contract. TAKEOVER AGREEMENT - Page 7 of 9 {7672.005-00232947; 1} 1175334v6 33786/0010