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<br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />1. BIdder and Surety, jolnlly and seVllrally, bind <br />thomcclvc:>, their hairs, exf:t.utors, aominiSlnltors, <br />suCCessors and aGSlgns to pay to Owner upon default of <br />Bidder any difference between the total amount of Bidder's <br />bid and the lotal amount of tho> blcl of ll10 nQxt lo>MX:t. <br />responsible and responsive bidder as detlmninad by Owner <br />for the Work required by the Contract Documents. provided <br />that <br />1.1. If thom 15 no such naxt lowest, responSICle and <br />responsive bidder, and Owner does not <br />abandon the Project, then Bidder and Surety <br />shall pay to Owner thE penal lOlIm'Jl?t fortl1 on <br />the /:lCE of this Bond; and <br />1.2. In no evenl shall Bidder's and Surety's obligation <br />hereunder ellClled the penal sum set forth on <br />the (det: ur thIs Bono. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />2, Default of BIdder shall occur upon 1hE! failurB 01 Bidder <br />to deliver wfthln the time reQuired by 1M RIdding D~um9nlB <br />(or any extension thereof agreed 10 in writing by OlM'ler) the <br />executed Agrnement required by the Bidding Documents <br />and any perfonnance and payment bonds required by the <br />Bidding Documen~ t1nd Contr()cL DIlI.-uments. <br /> <br />I <br /> <br />3, <br /> <br />This- obJlgation shall be null and void If: <br />3.1. OlM1er accepts Bidder's bid and BidnRr nRllver~ <br />within th~ time required by the Bidding <br />Documents (or any extension Ihet~f agreed lO <br />in writing l:Iy Owner) the eXi!CU\ed Agreement <br />requir<xl I)y thG S Iddin9 OoclJmenl:s ,.lId any <br />performance and payment b01'lds required by <br />the Bidding Documents and Contract <br />[)ocumQl1Is. or <br />3.2. All Dlds are reJectlld by Owner. or <br />3.3. Owner falls to issue a notice at award to Bidder <br />within the Ilme specfftBd in the Bidding <br />Docul1'lentc (or :lny extension thereof agreed \0 <br />In v.rtling by Bidder and, If appncsble, consented <br />to Oy Surety when required Oy paragraph 5 <br />hereof). <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />4. pawnent undsr thIs Bond will be dUB and payable <br />upon default by Bidder and wfthin 30 calendar day$ aftlll' <br />f'P.CRlrrt hy Sldd.". "nd within 30 ""Icndor dBY8 triter ....""Ipt <br />by Bidder and Surety of written notice or defaull from Ownflr. <br />which notice will be given with reasonable promptness, <br />Idenlllylng thiS Bond and too Project and incJl.ldinQ a <br />E>1ateTTHml of 1he amoW"lt dl.le. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />5. Surety waives notice of and any and all defenses <br />based on or arlslng out of any time !!)(tension to issue notice <br />of award agreed to in WrIting by Owner and Bidder, provided <br />that lhe total lime for issuing notice of award inCluding <br />Elxtaneione 3haJI not in the aggregille ~l\l."l'ad 120 del}'" from <br />Bid Due Date without Surety's written COTlSent. <br /> <br />6. No suit or action shall be commenced UndBf ll'iis Sond <br />prior to 30 call1T1dar dayS after the noUce of default as <br />reqUIred in Paragraph 4 above, Is received by Bidder and <br />Surety and in nO case laler tI'lan one year after BJd Due <br />Date. <br /> <br />7. Any suit or action under this aond shall be <br />commenced only In a court of competent jurisdlctlon located <br />in the &late in 'NI1ict\ the Project is located. <br /> <br />8. Notices rllQulred hereunder shall be in writing and <br />cont to 81dder end $uroty al !heir resp,,~live Itdllrlf5SBl; <br />shOlNT"l on the face of this Bond. Such no~ces may be sent <br />by personal delivery, commercial courier Ot by United Statlls <br />Registered or CertJfled Mall. l'lltum receipt recuw;ted. <br />postage pre-paid, ant! shall be deemsd to be effeo'Jve upoo <br />rscelpt by UJg party concemed. <br /> <br />Q. Surnly eh:>1I o:ll.l:ll1 \0 be e~ched 10 this BOnd a <br />current and effective Power of Attorney evidencing tho <br />authority of the offlCGr, agent or reprnsenlative who executed <br />this Bond on behalf of Surety \0 executa, seal and deliver <br />sucl'l Bono anO 0100 1M surely thereby. ' <br /> <br />10, This Bond ill Intended to conform to all appticable <br />sl31utorv requireJmmf!;:. Any appli~br.iI ,..,quirc>molnl of :my <br />applicable statLrte that has been omitted from this Eland shall <br />be deemed to os Induc!ed herein as If sat fcrt/1 at length. " <br />any provision of Ihls Bond conftic1s w1tn any applicable <br />proVISIon or tnls BoM contllds wl111 any applicable prollision <br />of any applicable statute, !hen the provision of saId statute <br />shall govern and the ramalnder of this Bond Ihat Is not In <br />connlel thp.fP.wllh "h:>J1 eontlnlJ<l in full forcg Qnd 9!fOci. <br /> <br />11. The term "bid" as used herein includes a bid. offer or <br />proposal as appflC<lble. <br /> <br />I <br /> <br />I <br /> <br />Final Ver~ion <br /> <br />I <br /> <br />I <br /> <br />{'---' <br /> <br />00401-2 <br /> <br />\ <br />