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<br />.04/27/2007 FRI 11:23 FAX <br /> <br />1. Bidder ilnd Suroly. jointly and scvcmlly, bind <br />themsp.lvflf,. their heirs. oXElcuLOrS, ildministrators. <br />successors iln(1 i\M<ign5 to pay to Owner upon default of <br />Bidder any difference between thfl total amo~mt of <br />Bidder's bid and the total amount'ot the bid of the next <br />lowest. reliponsiblo ~Ild responsive bidder as dctcrminod <br />by Owner IQr the Work rl:lQuirad by tho Contracl <br />Documents. provided that: <br />1 .1. If there is no such neXt 10wAst, rp.~flC)n~ible <br />and rcsponsille bidder, "nd Ownllr does not <br />llbi\ndon the Projoct. Ihe:n Bidder :md Surety <br />shall PRY to Owner the pen..1 sum sol forth on <br />Ihe face of this Bond, ancl <br />1.2. In no event sh:dl 8id<ler's and SuretY's <br />obligilticlO hero under exceed tho penal sum <br />set torth on the frlce of lhis Bond. <br /> <br />2. Der:sull of Bidder shall occur UpOn the failure of <br />13iddllr to dflliver within lhu timo required by the Bidding <br />Documents (or any extension the roof agroed 10 in writing <br />by Owner) the executed Agreement requirud by the <br />Bidding Documents and any performance and payment <br />bonds required by the Bidding Document~ (lncl Controct <br />Documents. <br /> <br />3. <br /> <br />This obligation shall be null (Ino void if: <br />3.1. Owner accepts Bidder's bid end Bidder <br />delivers WIthin Ihe time required by the <br />Bidding DocumentS lor ilny extension thereof <br />agreed to in writing by Owner) the executed <br />Agreement required by the Bidding <br />Documents and any perform<lncc and <br />payment bonds required by tha Bidding <br />Documents <lnd Contract Documems, or <br />3.2. All bids are rejected by Ownor, or <br />3.3. Owner fans to issue a notice of award to <br />Bidder within the tima specified in the Bidding <br />DocumentS (or any extension thereof agreed <br />to in writing I)y Bidder and. if applicablo. <br />consentod to by Surety when required by <br />paragraph 5 herao/I. <br /> <br />4. Payment under this Bond will be due :md payable <br />upon de/I'lult by Bidder llnQ within 30 C;llendar days after <br />receipt bV Bidder and within 30 calendar dilYS ~ftur <br />receipt by Bidder ,and Surety ot written nOtice of dcfault <br />from Owner. which notice will be given with f!msonilbla <br />promptness. identi/ying this Dond and the Project and <br />including B IItBtement ot the amount duc:. <br /> <br />~ 003/003 <br /> <br />5. Surely waives noticc of ilr.d any find illl defonses <br />basod on or arising out ot nny time extension to issue <br />notice 01 award agreed to in wriling by Owner and <br />Bidder, provided fhilt the total time for issuing notice of <br />award ,including el'tensions shall not in the: L1ggregate <br />exceed 120 (fays trom Bid Due Datp. without Surety's <br />written conllent. <br /> <br />6. Nt) suit or action shrill bEl comJnClnced uncler thi!; <br />Bond prior to 30 cillenoar days atter the notice of default, . <br />as required in P~ragraph 4 ,above, is received by Bidder <br />and Surety ilnd in no cal>e liltOr thun one: yeM after Bid <br />Due Date. <br /> <br />7, Any 'suit or action under this Bond s.h~1I be <br />commonccd only in (J court of competent juri$oiction <br />located in tho SI;lle in which the Project is located. <br /> <br />8, Notices required hereunder shell be in writing :md <br />sent to I3iddcr bod Surety al their respective addro:>>l:S <br />shown on tho (:set': of this Bond. Such notices may bo <br />sent by personal del ivory, commercial courier or by <br />United Stotes Regi:;terf.ld or CertifiEld Mail, return receipt <br />reqllested. postooe pre-paid. and 5hall be deemed to' be <br />effective upon recoipt by the party concerned. <br /> <br />9. SuretY shall CBu:-e to be attLlched to this Bond a <br />current and effective Power of Attorney ovidoncing the <br />aUthority of the officor, agent or representative who <br />executed this Bond on behalf of Surety to execute, Beal <br />and deliver such Bono and bind the Surely thereby. <br /> <br />10. This Bond is inlended to conform to all appliCllbla <br />stlltlltOry requirements. Any ;applicable requirement of <br />Llny oppJicablo statute that has been omitted from this <br />Bond shall be deemad to be includo,d herein as if set forth <br />at l[lngth. If :sny provision of this Bond conl1ict:; with any <br />ilpplicable provision oi thi5 Bond conflicts with any <br />applicable provisit)n of (Jny applicable statute. then the <br />provision of said statute ~hall govern i.md Iho remainder <br />of this Bond that il; not in contlict therewith shall <br />continue in full force and eifect. <br /> <br />11. The term "bid" &S used herein incluOA$ il bid, offer <br />or proposal as applieat..lo. <br /> <br />March 2007 <br /> <br />00401-2 <br /> <br />03-4122.D <br />