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.,. L Bidder and Surety, jointly and severally, bind themselves, their heirs, executors, a d:ninistrators, successors and assigns to pay to O\vncr upon deIa ult of Bidder cn)' cifference between the total amOU:1t of Bidder's bid and the total amount of the bid of the next lowest, ::es:;lonsible and responsive bidder as deterrnii'1ed -JY Owner for Lhe Work required by the Contrac: Documents, provided that: 1.1. If :here is no such next lowest, responsible and responsive bidder, and Owner does not abandon the Project, then Bidder and Surety shall pay to Owner the penal sum set forth on the fa~e of this Bond, and 1.2. In no event shall Bidder's and Surety's obligatjor. hereU11der exceec the 'Jenal Sum set forth on the face of this Bond. 2. Default of Bidder shall Occur upon the failure of Bidder to deliver within the time required by the Bidding Documents (or 2.ny extension thereof agreed to in "WTiting by Owne:-) the executed Agreement required by the Bidding Documents and any perfonnancc and payment bonds required by the Biddi:1g Documents and Contract Documents. 3, This obligation snail be null and void if: 3.1, Ov/ner accepts Bidder's bid and Bidder delivers within the time required by the Bidding Documents (or any extension thereo: agreed to ill '\vriting by O"WTIer) the executed Agreement required by the Bidding Documents and any perfonnance and payment bonds required by the Bidding Documents anc Contr2.~t Documents, or 3.2. All bids are rejected by O'vvncr, or .J..J. Owner fails to :ssue a notice of award to Bidder within 1he tiDe specified in tbe Bidding Documents (or any extension thcreof agreed to in \Hiting by Bidder and, i: applicable, conscnted to by Surety when required by paragrapn 5 hereof). 4. Payment under this Bond will be due and payable upon default by Bidder and within 30 calendar cays aner receipt by Bidcier and within Bid Bond, Oct. 2007 00401-2 30 calendar days after receipt by Bidder a:1d Surety of \Witten notice of default from Owner, which notice will be given with reasonable promptncss, idcntifyir;g this Bond and the Project and including a statemer.t of the amount dUe, 5. Surety waives not1ce of a-cd any and a11 defenses based on or arising out Df any time extension to issue notice of award agrced to in ""TIting by Ov;rner and Bidder, provided that tne total time for issuing notice of award including extensions shall not in thc agg;egate exceed 120 days from Bid D:lc Date withDut Surety's written consent. 6. No suit or action shall be commenced u:1der this Bond prior to 30 calendar days after the notice of default, as required in Paragraph 4 a-Jove, is received by Bidder and Surety and in no case later than one year afte;:- Bid Due. Date, 7, Any suit or action under t11is Bond shall be commenced only in a court of competent jurisdictior. located in the state in which t11e Project is located. 8, Notices reouired hereunder shal1 be in writing and sent to Bidder and Surety at their respective addresses snoviTI on the face of this Bond. Such notices may be sent by personal delivery, commercial courier or by United States Registered or CerTified Mail, return receipt requested, postage pre-paid, and shall be deeDed to be ,effective upDn receipt by the pany concerned. 9, Surety shall cause to be attached to this Bond c. current and effective Po\ver of Attorney evidencing the authority of the officer, agen~ or representative who executed this Bond on behalf of Surety to execute; seal and delivc,; such Bond and bind the Surety thereby. 10_ This Bond is intended to confoml to al] applicab1c statutory requirements. Any applicable requirement of any app1icabie statute that has been om:tted from this Bond sball be deemed to be included herein as if set forth at length. If any provision of this Bond con:J.icts 'with any applicable provision of this Bond conflicts with any 2.pplicab1e provision of any applicable statute,