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<br />VO/VLILVUO ~~.~, <br /> <br />1. Bidder and Surely. Jointly and sel/Ilrally, bind <br />themselves. their heirs, el<ecl,ltors, admlnl6tr91or~. <br />sUCCessors and assigns 10 pay to Owner upon default of <br />Bidder :my dlfferenca between the total amount of Bidder's <br />bid and th@ total amount of the bid of the next lowest, <br />responsible and responsive bidder as datermined by OWn!lr <br />for the Work required by the Contract Documents, provided <br />lll:at <br />1,1, If there is no such next lowe:;t. responsible alld <br />responsive blddllr, and Owner doar. rlol <br />abandon Ihll Project, then Sidder and Surely <br />shall pay to Owner the penal sum set forth on <br />Ihe lace of Ihie Bond, and <br />1.2. In no event shall Bidder's and Surety, obligation <br />hllrBunder exceed the penal sum sel forth 0'1 <br />the face of th is Bond, <br /> <br />2, Default of Bidder snail occur upon the failure of Blddar <br />to deliver wllhln tha 11m!! reCluired 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 lInd paymllnl bonds required by the <br />Sidding Documents and Conlract Documents. <br /> <br />3 <br /> <br />Tni/; obliglltion shall be null and void if: <br />3.1, Owner accept.s Bldda~' bid and 6idder dellvars <br />wilhln thll time required by the Bidding <br />Document& (or any extension thereof agreed to <br />In writing by Owner) the l!IxeCUled Agreement <br />required by th~ Bidding Documents and any <br />performance and pe)'l'1ent bonds requlrod by <br />tha Bidding Documentll and Conlreel <br />Documenb, or <br />:t2. All bids are rejected by Owner. or <br />3.3, Owner fails to issue a notice of award 10 Bidder <br />within the tima speCified in the Bidding <br />Documents (or !lny extension thereof agll~ed to <br />In writing by Bidder and, If applicable, consented <br />to by Surely when required by paragraph 5 <br />hereof), <br /> <br />4, Payment under this Sond will be dlle and payable <br />upon default by Bidder and within 30 calendar days after <br />receipt by Bidder and wilhin 30 calendar day' after receipt <br />by Bidder and Surety of wrlllan notice of defBult from Owner. <br />which notice will be glvGn wilh real>oMble promlltness, <br />identifying this Bond and the Project and including a <br />statement of the amount due. <br /> <br />5, Surflty welll!!& nohce of and any and ell defenses <br />bllsed on or Brlsing out 01 <lny lime Ilxtonsion to is~ue notice <br />of award agreed 10 in writing by Owner and Bidder, provided <br />that th@ total time for issuing nOllce of aWilrd including <br />e)(lensions shall not In Ihe aggregate exceed f 20 days from <br />Bid Due Date without SUre'ly's written consent. <br /> <br />6. No ~ult or action shall be comma need under thig Bond <br />prior to 30 calendsr dllYs after the nollca of default. liS <br />required In Paragraph 4 above. is rocsllll3d by Bidder and <br />Surety and I,., no case later than one year after Bid Due <br />Date. <br /> <br />7 _ Any suit or lIcllon under this Bond shall be <br />commenCtld only in Ii court 01 competent jurigdiction located <br />In the !:tate in WhiCh the Projeells located. <br /> <br />8. Notices required hereunder shall be In writing and <br />sent to Bidder and Surety at their respectlv& addreases <br />shown on the !acG of thie Bond. Such notices may bll senl <br />by personal dllllvery, Commercial courier or by United Stlltell <br />RrJglslerad or Certified Mall, /'!!Ilurn receipt requested. <br />postage pre-paid, and sl1all be deemed to be effective upon <br />receipt by the party concerned. <br /> <br />9. Surely shall causa to be attached to this Sond it <br />current and effectlv!: Power of Attorney evidencmg Iho <br />Buthority 01 the officer. agent or representative who e)(ecuted <br />Ihls Bond on behalf of Surety to elCllcule. s991 and deliver <br />such Bond and bind the Surety theraby. <br /> <br />10. This Bond Is Intended 10 conform to all applicable <br />statutory requlrllments. Any applicable requirement of i1ny <br />applicable stalule that nas been omitted from this Bond shall <br />be deemed 10 be Ineluded herein as if set forth at length If <br />any provision of this Bond conflicts wllh any applicable <br />provision of this Bond conflicts with a ny applicable provision <br />of any applicable slatuI!!. then the provision of said statute <br />shall govern an<l the remainder of this Bond thaI I!'. not In <br />conflict therewith ..hall continue In full Itlrce IInd effect. <br /> <br />11, The term "bid" as used herein IncludeG a bid. offer or <br />propo-sal as applicable <br />ORIGINAL <br /> <br />05fOB Final Version <br /> <br />00401.2 <br /> <br />05-4893 <br />