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I <br />w <br />him <br />a <br />�� 3- <br />9 <br />1. Bidder and Surety, jointly and severally, bind <br />Themselves, their heirs, executor;, administratars <br />sucr~sscrs and assigns to pay to Cwrer upon default df <br />Bidder any difference between the total amount of Sidder's <br />bid and the total amount of the bid of the next lowest, <br />responsible and responsive bidder as deter -ined by Owner <br />for the INc& required by the Contract Documents, provided <br />that <br />1.1. If there is no such next lowest, responsible and <br />responsive bidder, and Owner does not <br />-abandon:-the Project, then Bidder- and Surety <br />shall pay to Owner the penal sum set forth on <br />the face of this Bond,. and <br />12. In no event shall Bidder's and Surety's obligation <br />hereunder exceed the penal sum set forth on <br />the face of. this Bond. <br />2. Default of Bidder shall occur upon the failure of Bidder <br />to deliver within the time required by the Bidding Documents <br />(or any extension thereof agreed to in writing by Owner) the <br />executed Agreement required by the Bidding Documents <br />and any performance and payment bonds required by the <br />Bidding Documents and Contract Documents. <br />3. This obligation shall be null and void if <br />3.1. Owner accepts Bidder's bid and Bidder delivers <br />Within the time required by the Bidding <br />Documents (or any enensien thereof. agreed to <br />in writing by Owner). the executed Agreement <br />required by the Bidding Documents -and any <br />performance and payment bonds required by <br />the Bidding Documents and Contract <br />Documents, or <br />3.2. All bids are-rejected by. Owner, or <br />3.3. Owner fails to issue a notice of award to Bidder - <br />within the time specified in the Bidding <br />Documents (or any extension thereof agreed to <br />in writing by l3idder and, if applicable, consented <br />to by Surety when required by paragraph g <br />hera-of). <br />4. Payment under this Bond will be due and payable <br />upon default by Bidder and within. 30 calendar days after <br />receipt by Bidder and within 30 calendar days after. receiot <br />by Bidder and Surety of written notice of default from Owre.r, <br />which. notice will be given. with reasonable promptness, <br />identifying this Bond and the Project and including a <br />statement of the amount due. <br />05/08 Final Version <br />0040 f -2 <br />5. Surety waives notice of and ary and all deznses <br />based on or arising out of any time extension Eo issue novice <br />Of award agreed to in writing by Omer and Bidder, provided <br />that. the totab time for ;:suing notice of award including <br />extensions shall not in the aggregate excmd 120 days from <br />Bid Due Date without Surety's written consent. <br />5. No surf or action shall be commenced under this. Bond <br />prior to 30 calendar days after the notice of default, as <br />required in Paragraph 4 above, is Fecsived by Bidder and <br />Surety and in no case later than one year after Bid Due <br />Date: <br />7. Any suit or action under this Bond shall be <br />commenced only in a court of competent jurisdiction located <br />in the state in which the Project is located. <br />8. Notices required. hereunder shall be in writing and <br />sent to Bidder and. Surety at their respective addresses <br />shown on the face of this Bcnd. Such notices may be sent <br />by personal delivery, commercial courier or by United States <br />Registered or CerG�red Mail, return receipt requested, <br />postage pre -paid; .and shall be deemed to be effective' upon <br />receipt by the party. concerned <br />9. Surety shall cause to be attached to this Bond a <br />current and effective Power of Attorney evidencing the <br />authority of the officer, agent or representative who executed <br />this Bond on behalf of Surety to execute, seal and deliver <br />such Bond and bind the Surety thereby. <br />10. This Bond is intended to conform to all applicable <br />statutory requirements. Any applicable requirement of any <br />appliicable'statute.that. has been omli#ed from this Bond shall <br />be deemed to be included herein as if set forth at.Jength If <br />any provision of this Bond. contTicts with any applicable <br />provision of this Bond conflicts with any applicable provision <br />of any applicable statute, iheri the provision. of said statute <br />shall govem and the remainder of this 36nd that. is not. in <br />conflict-therewith shall continue in full force and effect. <br />i 1. The tern 'bid" as used herein includes a tid, offer or <br />prcpesal "as applicable.. <br />05 -4893 <br />