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<br />- <br /> <br />II <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />r~...J' .,." .....J.., . <br /> <br />I <br /> <br />'. BoOder and Surety, jointly and severally. bind <br />themselves. thl:lr heirs, eltecu'o~, administralon:. <br />successors and assigns to pay to Owner upon default of <br />Bidder 3ny differenoe betw~en the tot31 :Jmount of Bidde(s <br />bid and tile total amount of the bid of the next lowe::t. <br />responsible and responsive bidder as determtned by Owner <br />for Ule Wor1< re~uired by the Conltac:t Documents. provided <br />that: <br />1.1. If there is no such next lowest. responsible and <br />responsive bidder. and Owner does not <br />abartdon the Project. then Bidder and Surety <br />I:hall pay to Owner the penal sum sct forth on <br />the face of this Bond. and <br />, .2. In no e"ent shall Bidder's and Surety's obfigalion <br />hereunder exceed the penal sum set faith on <br />the face of this Bond. <br /> <br />2. Default of Bidder shall occur upon the failure of Bidder <br />to deliver wIth;n the time required by the BIdding Documents <br />(or any ext~nslon thereof agreed to In writing by OwT1er) the <br />executed Agreement mQuired by the Bidding Documents <br />end any performance and payment bonds required by the <br />Bidding DOC1Jmenh: Ilnd Contract Documents. <br /> <br />3. This obligation shall be null and void if: <br />3.1. Owner accepts Bidder's bid and Bidder deliven: <br />wit"in the time required by the Bidding <br />Documents (or eny exten:ion ttlereof agreed 10 <br />in writing by Owner) the execured Agreement <br />reqtJlred by the Bidcflllg Documents and any <br />perfonnsnce and payment bonds required by <br />the Bidding Documents and Contl'2ct <br />DocumenlS. or <br />3,2. All bids ore rejected by Owner, or <br />3,3, Owner bib to issue a notice of award to Bidder <br />within Ihe time specified in the Bidding <br />Documents (or any extension thereof agreed to <br />in wri1lng by Bidder and, if applicable, consented <br />to by Surety when required by parlgl'2ph 5 <br />hereof). <br /> <br />4. Payment uncler this Bond win be due end payable <br />upon default by Bidder and within 30 calendar days after <br />receipt by Bidder and within 30 calendar days aftor n:~ipt <br />by Bidder and Surety of written notice of default from Owner. <br />which notice will be given wlth reasonable promptness. <br />identifying this Bond and the Project end including 3 <br />statement of the amount due. <br /> <br />5, Surety waives nOlice of and any and all defen!>!:!> <br />ba:ed on or arising out of any time extension to is!;ue notice <br />of award agreed to In writing by Owner and Bidder. provided <br />Ihal the total time for issuing notice 0' award including <br />eKtensions shall not in Ihe aggregale e1Cc:eed 120 d~Y5 from <br />Bid Due Date without Surety's wrinen consent <br /> <br />6, No suIt or actIon shall be commenced under tl'1iS BOl'ld <br />prior to 30 calendar daY' after the notice of default required <br />In paragraph 4 above is received by Bidder and Surety and <br />in no case later than one year allllr Bid Due Date. <br /> <br />7, Any suit or Bctlon under this Bond !>hall be <br />commenced only In a court of competent Jurisdiction lOC.:Jted <br />in the stale in which I/'Ie Project is loc:.ated. <br /> <br />8. Notices required hereunder sl'1all be in writIng and <br />sent to Bidder ond Surety at their respective addresses <br />shown on tile face of tl1is Bond. Such notices may be sent <br />by personal der.very, commercial courier or by United State:; <br />Registered or Certified Mail, return receipt requested, <br />postage pre-paid. and shall be deerned 10 be eff8C1lve upon <br />receipt by the party concemed. <br /> <br />9. Surety st1~1I cause to be attached to this Bond a <br />current and el'fedlve power of Attomey evidencing the <br />autl10rlty of the officer. agent or representative who executed <br />ttlis Bond on behalf of Surety to exeC1.rte, s.:al and deliver <br />such Bond and bind the Sul1!ty tl1ereby. <br /> <br />10. This Bond is Intended \0 conform to 811 applicable <br />statutory requirements, Any applicable requirement of any <br />applicable statute that has been omitted from lhl$ Bond :;"all <br />be deemed to be Included hemin 3S if get forth 3t length. If <br />any provision of this Bond conflicts with any appliC3ble <br />provision of this Bond eonnlcts with IIny applicable prol/ision <br />of any applicable statute. \tlen the provision of said slaMe <br />shall gOl/em and the remainder of this Bond that Is not in <br />conflict t"erewith sl1al1 continue in full force and effect. <br /> <br />t 1. The lerm ~bicl"' 8S used herein includes a bid, after or <br />proposal as applicable, <br /> <br />Bid Bond <br /> <br />I <br /> <br />00401-2 <br /> <br />03-4122 <br /> <br />SIB <br />