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7 <br />1 <br />1 <br />1 <br />LF� <br />1. Bidder and Surety, jointly and severally, bind <br />themselves, their heirs, executors, administrators, <br />successors and assigns to pay to Owner upon default of <br />Bidder any difference between the total amount of <br />Bidder's bid and the total amount of the bid of the next <br />lowest, responsible and responsive bidder as determined <br />by Owner for the Work required by the Contract <br />Documents, provided that: <br />1.1. If there is no such next lowest, responsible <br />and responsive bidder, and Owner does not <br />abandon the Project, then Bidder and Surety <br />shall pay to Owner the penal sum set forth on <br />the face of this Bond, and <br />1.2. In no event shall Bidder's and Surety's <br />obligation hereunder exceed the penal sum <br />set forth on the face of this Bond. <br />2. Default of Bidder shall occur upon the failure of <br />Bidder to deliver within the time required by the Bidding <br />Documents (or any extension thereof agreed to in writing <br />by Owner) the executed Agreement required by the <br />Bidding Documents and any performance and payment <br />bonds required by the Bidding Documents and Contract <br />Documents. <br />This obligation shall be null and void if: <br />3.1. Owner accepts Bidder's bid and Bidder <br />delivers within the time required by the <br />Bidding Documents (or any extension thereof <br />agreed to in writing by Owner) the executed <br />Agreement required by the Bidding <br />Documents and any performance and <br />payment bonds required by the Bidding <br />Documents and Contract Documents, or <br />3.2. All bids are rejected by Owner, or <br />3.3. Owner fails to issue a notice of award to <br />Bidder within the time specified in the Bidding <br />Documents (or any extension thereof agreed <br />to in writing by Bidder and, if applicable, <br />consented to by Surety when required by <br />paragraph 5 hereof). <br />4. Payment under this Bond will be due and payable <br />upon default by Bidder and within 30 calendar days after <br />receipt by Bidder and within 30 calendar days after <br />receipt by Bidder and Surety of written notice of default <br />from Owner, which notice will be given with reasonable <br />promptness, identifying this Bond and the Project and <br />including a statement of the amount due. <br />IBid Bond <br />5. Surety waives notice of and any and all defenses <br />based on or arising out of any time extension to issue <br />notice of award agreed to in writing by Owner and <br />Bidder, provided that the total time for issuing notice of <br />award including extensions shall not in the aggregate <br />exceed 120 days from Bid Due Date without Surety's <br />written consent. <br />6. No suit or action shall be commenced under this <br />Bond prior to 30 calendar days after the notice of default, <br />as required in Paragraph 4 above, is received by Bidder <br />and Surety and in no case later than one year after Bid <br />Due Date. <br />7. Any suit or action under this Bond shall be <br />commenced only in a court of competent jurisdiction <br />located in the state in which the Project is located. <br />8. 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 notices may be <br />sent by personal delivery, commercial courier or by <br />United States Registered or Certified Mail, return receipt <br />requested, postage pre -paid, and shall be deemed to be <br />effective upon receipt by the party concerned. <br />9. Surety shall cause to be attached to this Bond a <br />current and effective Power of Attorney evidencing the <br />authority of the officer, agent or representative who <br />executed this Bond on behalf of Surety to execute, seal <br />and deliver such Bond and bind the Surety thereby. <br />10. This Bond is intended to conform to all applicable <br />statutory requirements. Any applicable requirement of <br />any applicable statute that has been omitted from this <br />Bond shall be deemed to be included herein as if set forth <br />at length. If any provision of this Bond conflicts with any <br />applicable provision of this Bond conflicts with any <br />applicable provision of any applicable statute, then the <br />provision of said statute shall govern and the remainder <br />of this Bond that is not in conflict therewith shall <br />continue in full force and effect. <br />11. The term "bid" as used herein includes a bid, offer <br />or proposal as applicable. <br />00401 -2 <br />