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..~-~ 1, Bidder and SUrety, joinlly and severally. bind th9msalves. their hein>. el'el;;\,ItQfs, administrators, SJ,JoceS!;()f5 and assigns 10 pay to Ownat' upon defeult of Bidder any diffGrence between the total amount of Bidder's bid and the !Qlal I'tTloont of the bid of the next lowest, responsible and 1e6pom;ive bidder as delelmined by Owner for the Work rQquirad by the Contract Documents. prollid9d that: 1,1, If there is no such ned lowe5t, responsible and rS$l:JorUlive bidder. and Owner does not abandon the Project. then Bidder and Surety shaH-pay-to-€lwner-1he-pet lal SUI,. StA [....U. (". the face of this Bond, and 1,2. In no event shall Bidder's and Surety's obligation hereunder exceed he penal sum sat forth on the face of this Bond, 2. Default of Bidder shall OCCll" upon the failure of Bidder to delivar within tha time requited by the Bidding Documents (or any extension thereof agrE1Eld to 1M writing by Owner) the 9lC8Culed Agreet1'l$nl requirOO by the Bidding Oocll1lerlls and any parformanc:e and payment bonds required by the Bidding Documel1tS and Contract Documents, 3. This obligation shalf be null and void if: 3.1. Owner Ewcept8 Bidder's bid and Bidder delivers within the. 1ima required by the Bidding Documents (or any E\lden61on thereof agreed to in writing by Owner) the executed Agreement required by the Bidding Documents and any performance and paymeotbond$ required. by the Bidding Documents and. ..Conlract Documents. or ' 3.2. All bids are rejected by Owner. at 3,:3, OWh$f falls to iS5lJe a notice of award 10 Bidder within the time specified ihlh", Bidding Doc:umenls (or any ext9~sion U'l9reof agreed \0 in writing by Bidder and, if applicable, consented to by Surety whQO required. by par~raph 5 hereof). ...../ 4. Payment under this Bond will be clue and payable upon default by Bidder and within 30 calendar days after receipt by Bidder and within 30 Cl;Ilendar days after receipt by Bidd$/' ~nd Surety of written notice of default from Owner, which notice wUI be given with rea50nable promptness. identifying this Bond and the f'rojacl and including a statement of ttle amount due. 5. Surety waives noliee of and any and ",II c;Iefen5e" based on or arising out of l'ny tjl1ll;l El)(.tElrlliliol1 to issue notice of award agreed to in writing by OWner and Bidder, provided that the total time for issuing /'IOtlee of award including extensions Ghall nO{ In the aggregate exceed 120 days from Bid Due Date without SuretY'6 written consenl 6, No ~il Qr ~ion shall be commenced under this Bond prior 10 30 calendar days l:lftor the notice of dafauJl rl!lql.lired in paragraph 4 above is received by Bidder and Surety and in no case later than one year after Bid DUEl Date, 7. Any suit or action under this Bond shall be ~ only in a court of compelent jurisdiction located in the state in which the Project is located. 8, Notices required hereunder shall be in writing <Jnd SQIlt to Bidder and SLEety at their respective addresses shown on the face of this Bond. SUch noticEm may be sent by personal delivery. commercial courier or by United Slates Registered or Certified Mail, return receipt raQUaSl.ed. postage pr9- paid, and shaH be deemed 10 be affective upon receipt by the party concerned. 9. Surety shall cause to be attached to this Bond a currMt and effective Power of AttorrJ$y alliderw::ing the authority of the oft"acer. agent or rep~ntalive who executad this Bond on behalf or Surely to execute. seal and deliver such Bond and bind !he Surety thefeby. 10. This Bond is intended Ioconfolm to all applicable l!tatutory r~uiremQOts, Any applicable requirement of any applicable statute Ihat has been omitted from this Bond shall. 'I;)Q deEimr;id 10 be included herein as if set forth at length. If any provision of this Band conflids with any applioable provision of this Bond oonfticts with any applicable provision of any applicable stallJIEI. then the prolllBion of !Xl.ld stElMe shall Q<)vem and the rema!n1er of this Bond that Is net in conflict therewith5hall continue in full force and effecl 11. The term ''bid" as used herein includes a bid, offer or proposal as applicable, '.-' Bid Bond 00401-2 SIB