Reso 2013-2173 - Laserfiche WebLink

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§ 7 If the Surety elects to act under Section 5.1, 5.2 or 5.3, (ben the responsibilities of the Surety to the Owner shall not be greater than those of the Contractor under the Construction Contrecl, and the responsibilities of the Owner to the Surety shall not be greater than those of the Ouncr undcr the Construction Contract. Subject to the commitment by the Owner to pay the Balance of the Contract Price, the Surety is obligated, without duplication, for .1 the responsibilities of the Contractor for correction of defective Nvork and completion of lhe Construction Contract; .2 additional legal, design professional and delay costs resulting from the Contractors Default, and resulting from the actions or failure to act of the Surety under Section 5; and .3 liquidated damages, orif no liquidated damages are specified in the Construction Contract, actual damages caused by delayed performance or non-performance of the Contractor. § 81f the Surety elects to act under Section 5.1, 5.3 or 5.4, the Surety's liability is limited to (lie amount of this Band § 8 The Surety shall not be liable to the Osmer or others for obligations of the Contractor that arc unrelated to the Construction Contract, and the Balance of the Contract Price shall not be reduced or set ofion account of any such unrelated obligations. No right of action shall accrue on this Bond to my person or entity other than the Owner or its heirs, executors, administrators, successors and assigns. § 10 The Surety hereby naives notice of any change, including changes of lime, to the Construction Contract or to related subcontracts, purchase orders and other obligations. § 11 Any proceeding, legal or equitable, under this Bond may be instituted in any court of competent jurisdiction in the location in which the work or part of the smrk is located and shall be instituted within two years after a declaration of Contractor Default or within hvo years after the Contractor ceased working or within two years after the Surety refuses or fails to perform its obligations under this Bond, whichever occurs first. 1f the provisions of this Paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in thejurisdiction of the suit shall be applicable. § 12 Notice to the Surely, the Osvacr or the Contractor shall be mailed or delivered to the address shown on the page on which thew signature appears. § 13 When this Bond has been furnished to comply with a statutory or other legal requirement in the location where the construction was to be performed, any provision in this Bond conflicting with said statutory or legal requirement shall be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement shall be deemed incorporated herein. When so furnished, the intent is that this Bond shall be construed as a statutory bond and not as a common law'bond. § 14 Definitions § 14.1 Balance of the Contract Price. The total amount payable by the Osmer to the Contractor under the Construction Contract alley all proper adjustments have been made, including allowance to the Contractor of any amounts received or to be received by the Osvner in settlement of insurance or other claims for damages to which the Contractor is entitled, reduced by all valid and proper payments made to or on behalf orthe Contractor under the Construction Contract. § 14.2 Construction Contract. The agreement beh"m the O%vner and Contractor identified on the cover page, including all Contract Docunxnts and changes made to the agreement and the Contract Documents. § 14.3 Contractor Default. Failure of the Contractor, which has not been remedied or waived, to perform or otherwise to comply with a material term of the Construction Contract. § 14.4 Owner Default. Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required under the Construction Contract or to perform mid complete or comply with the other material terms of the Construction Contract. § 14.5 Contract Documents. All the documents that comprise the agreement between the Osvner and Contractor. § 15 If this Bond is issued for an agreement between a Contractor and subcontractor, the term Contractor In this Bond shall be deemed to be Subcontractor and the term Oimer shall be deemed to be Contractor. S•18521AS 8/10