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<br />1, Bidder and Surety, Jointly and severally, blnc! <br />themselVllS. their heirs, 8JCfIcu/Q~, administrators, <br />successors and assigns 10 pay to Owner upon default of <br />Bidder any difference between the total amount of Bldder':: <br />bid and thll total amount of the bid of the next lowest. <br />responsible and Illsponslve bidder as determined by Ownel' <br />fer the Work required by the Contract Documents, provlderl <br />that: <br />1.1. If there Is no auch next lOwest, f8sponsible an(1 <br />responsIve bidder, and Owner does no': <br />abandon the Project, then Bidder and Surety <br />shall pay to Owner the penal sum set forth or <br />Ihe face of Ibis Bond, and <br />1.2. In no event shall Bidder's and Sutety's obllgatior <br />hereunder exceed the penal sum sel forth on <br />the face of this Bond. <br /> <br />2. Default of Bidder shall oCCtJr upon the failure of Bidder <br />to dellllElr within the time required by Ihe Bidding Documents <br />(or any extension thereof agreed to in writing by Owner) the <br />executed Agreement required by Ihe Bidding Documents <br />,and any performance and payment bonds required by the <br />Bidding Documents and Contract Documents. <br /> <br />3. ThiS Obligation shall be null and I/oid If; <br />3.1. Owner accepts Bldde~& bid and aklder delivers <br />within the time required by the Bidding <br />Documents (or any extension thereof agreed to <br />in writing by Owner) the executed Agreemenf <br />required by the Bidding Documents and any <br />performance and payment bonds required by <br />the Bidding Documents and Conlrac1 <br />Documents, or <br />3.2. All bids are rejected by Ownl!lr, or <br />3.3. Owner fails to issue a notlee of award to Bidder <br />within the time specified In the Bidding <br />Documents (or any ~Xlension thel'eof agreed to <br />in writing by Bidder and, If applicable, COnsented <br />to by Sur~ty when required by paragraph 5 <br />hereof). <br /> <br />4. Payment under this Bond wHI be due and payable <br />upon default by Bidder and wlthlr'l 30 CliIlendar days aller <br />receipt by Bidder and within 30 calendar days atter receipt <br />by Bidder and Surety of written notice of default from Owner, <br />which notice will I)e given with reasonable promptness, <br />identifying this Bond and the Project and Including a <br />statement of the amount due. <br /> <br />5. Surety waives notice of and any and all deklllses <br />based on or arising out of any time extanslon to Issue notiCe <br />of lIward agreed to In writing by Ownl" and Bidder, provroecl <br />that the total time ~or issuIng notice of llWlIrd including <br />extensions shall not in the aggregate exceed 120 days from <br />Bid Due Date without Surety's written consent. <br /> <br />6. No suit 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, II; received by Bidder and <br />Surety and 11'1 1'10 case l<ller than one year after Bid Due <br />Date. <br /> <br />7. Any suit or $ction under this 801'10 shall be <br />commenced only in a court of competent juriSdiction located <br />in the state In which th~ Project is located. <br /> <br />a. 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 Bond. Such nOfices may be sent <br />by personal delll/ery, eommercial courier Dr by United States <br />Registered or Certifietl Mall, return receipt requested, <br />postage pre-p:afd, and shalf be deemed 10 be effective upQn <br />receipt by the party concerned. <br /> <br />9. Surety Shall cause to be attached to Ihls Bond a <br />current and effective Pawer Of Attorney evidencing the <br />:authority of the officer, agel'll or representative who executed <br />this Bond 011 behalf of Surety to execute. seal and deliver <br />such Bond and bind thll Surely thereby. <br /> <br />1 O. Thi~ Bond Is Intended to conform to all applicable <br />stall.llory requirement!;. An,! applicable requirement of any <br />applicable statute that has besn omitted from this Bond Shall <br />be deemed to be included herein as if set forth at length. If <br />any proviSion of this Bond conflicts with any applicable <br />prOViSion of this Bond conflicts with any applicable proviSion <br />of any applicable statutI!!. then the provision of saiel statute <br />shall govern and the l1!Imalndar of tltis Bond that is not in <br />conflicttherewllh shall continua in full foree and effect. <br /> <br />11. The term "bid" a~ used hetein includes a bid, offGr or <br />proposal as applicable, <br /> <br />05/08 Final Version <br /> <br />OD40 1.2 <br /> <br />05-4893 <br />