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<br />I <br /> <br /><' <br /> <br />1. Bidder and Surety, Joinlly and severally, bind <br />themselves. their heirs, executors, administrators, <br />Successors and assigns to pay to Owner upon defaull of <br />Bidder any difforence between the [otOlI amount of Bidder's <br />bid and Ille total amount of the bid of the nG).1 [owe51, <br />responsible and responsive bidder :<IS determined by Owner <br />for the Work roquired by the Contract Documents, provided <br />that: <br />1.1, If there is no such nl!lX'1 JOWBst, responsible and <br />reaponsive bidCler. and Owner does not <br />abandon the Project, then Bidder and Surely <br />shall pay to Owner the penal sum sel lonll on <br />the race of this Bond, and <br />1.2. In no event shOll1 Bidder's and Surely'S Obligalion <br />hereunder exceed the penal .sum set forth on <br />the faea of this Bond, <br /> <br />2. Default of Bidder shall occur upon Che failure 01 Bidder <br />to delivor within the time required by the Bidding Documents <br />(or any extension thereof agreed 10 in writing by Owner) the <br />executed Agreement required by the Bidding Documents <br />and any performance and paymBnl bonds required by the <br />Bidding Documents and Contract Documents. <br /> <br />3. <br /> <br />This obligation shall be null Bno VOid if: <br />3.1. Owner accept6 Bidder's bid and Bidder delivers <br />within the lime required by the Bidding <br />Documents (or any extension thereof agreed to <br />in writing by Owner) the executed Agreement <br />required by the Siddlng Documents and any <br />performance and payment bonds required by <br />Ihe Bidding Documents and Contrac[ <br />Documents, or <br />3.2. All bids are rejected by Owner, or <br />3.3. Owner fails to issue 01 notice of award to Bidder <br />within the time specified in the Bidding <br />Documents (or Ilny Elxtension thereof agreed 10 <br />In writing by Bidder and, If applicable. Consented <br />Co by Surely when reQuired by paragraph 5 <br />hereo I). <br /> <br />4. Payment Under this Bond will be due and payable <br />upon default by Bidder and within 30 calendar days <Jflsr <br />receipt by 8idder aM within 30 calendar days after receipt <br />by 81.dder and Surety of wrlttan nollee of default from OWner. <br />which notice will be given with reasonable promptness. <br />idl.lntlfying this Bond and the Project Bnd including a <br />statement of the <lmount due. <br /> <br />5. Surety waives notice of and any and all defenses <br />based on or 8rislng out of any time fl)(tension to issue noUce <br />of award agreed 10 in writing by OWfler and Bidder, provided <br />that the tOlal time for issuing nOlice of IlWOI/d including <br />extensions shall not in the aggregate exceed 120 days tram <br />Bid Due Date without Surety's written consenl. <br /> <br />6. No suit or action Shall OG Commenced under this Sond <br />prior to 30 calendar days after the notice of de(al1ll, as <br />rSQulred in Paragraph 4 above. is received by Bidder and <br />Surety and in no Case Ister Ulan ono year af1er Bid Due <br />Dale. <br /> <br />7. Any suit or neUon under this Bond shall be <br />commenCed only in a court of competent jurisdiction located <br />in !he stale in which (he Project is located, <br /> <br />6. NOlices required hereunder Shall be In writing and <br />sent to Sidder and Surety at their respsclive addresses <br />shown on the face of this Bond. Such notices may be sent <br />by personal delivery, commercial courier or by United Slates <br />Registered or Certified Mail, return receipt requested. <br />postage pre-paid. and shall be deemed to be effective upon <br />receipl by the party concerned. <br /> <br />9. Surety shall caUSe to be attaChed 10 this 80nd a <br />current and effective Powsr of Attorney evidencing the <br />authority of the officer, agenl or representative who e:<ecuted <br />this Bond on behalf of Surety to execute, seal and deliver <br />such Sond and bind the Surely thereby. <br /> <br />10. This Bond is intended to contom; to all applicable <br />statutory requirements. Any applicable requirement of any <br />applicable slatute thai has been 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 statute, then the proviSion of said slaMa <br />shall govern and the remainder of this Bond that is not in <br />conflicllherewith shall continue in full force and effect. <br /> <br />11. The tenT! "bid" as used herein includes a bid, offer or <br />proposal as applicable. <br /> <br />05/08 Final Version <br /> <br />00401-2 <br /> <br />05-4893 <br />