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<br />1. Bidder and Surety, joinUy 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 Bidder's <br />bid and the total amount of the bid of the next lowest, <br />responsible and responsive bidder as determined by Owner <br />for the Work required by the Contract Documents, provided <br />that <br />1.1. If there is no such next lowest. responsible and <br />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 obligation <br />hereunder exceed the penal sum set forth on <br />the face of this Bond. <br /> <br />2. Default of Bidder shall occur upon the failure of Bidder <br />to deliver within the time required by the Bidding Documents <br />(or any extension thereof agreed to in writing by Owner) the <br />executed Agreement required by the Bidding Documents <br />and any performance and payment bonds required by the <br />Bidding Documents and Contract Documents. <br /> <br />3. This obligation shall be null and void it <br />3.1. Owner accepts Bidder's bid and Bidder delivers <br />within the time required by the Bidding <br />Documents (or any extension thereof agreed to <br />In writing by Owner) the executed Agreement <br />required by the Bidding Documents and any <br />performance and payment bonds required by <br />the Bidding Documents and Contract <br />DOcuments. or <br />3.2. All bids are rejected by Owner, or <br />3.3. Owner falls to issue a notice of award to Bidder <br />within the time specified in the Bidding <br />Documents (or any extension thereof agreed to <br />In writing by Bidder and. If applicable. consented <br />to by Surety when required by paragraph 5 <br />hereof). <br /> <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 receipt <br />by Bidder and Surety of written notice of default from Owner. <br />which notice will be given with reasonable promptness, <br />identifying this Bond and the Project and including a <br />statement of the amount due. <br /> <br />5. Surety waives notice of and any and all defenses <br />based on or arising out of any time extension to Issue notice <br />of award agreed to in wri!iOg;{Iy,~,~r ~f;ldBidder. provfded <br />that the total time for IsSufrigiiolFce of award Including <br />extensions shall not in the aggregate,exceed 120 days from <br />Bid Due Date without Surety's written consent <br /> <br />6. No suit or action shall be commenced under this Bond <br />, prior to 30 calendar days after \he nllti9El of default, as <br />required in Paragraph 4 above. is received by Bidder and <br />Surety and in no case later than one year after Bid Due <br />Date. <br /> <br />7. Any suit or action under this Bond shall be <br />commenced only in a court of competent jurisdiction located <br />in the state in which the Project is located. <br /> <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 sent <br />by personal delivery, commercial courier or by United States <br />Registered or Certified Mall. return receipt requested. <br />postage pre-pald. and shall be deemed 'to be effective upon <br />receipt by the party concerned. <br /> <br />9. Surety shall cause to be attached to this Bond a <br />current and effective Power of Attomey evidencing the <br />authority of the officer. agent or representative who executed <br />this Bond on behalf of Surety to execute, seal and deliver <br />such Bond and bind the Surety thereby. <br /> <br />10, This Bond is intended to conform to all applicable <br />statutory requirements. Any applicable requirement of any <br />applicable statute that 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 statute <br />shall govern and the remainder of this Bond that is not In <br />conflict therewith shall continue in full force and effect, <br /> <br />i <br />i <br />I <br />.1 <br />1 <br />1 <br />1 <br />I <br />] <br />1 <br />l <br />1 <br />j <br />\ <br />l <br />l <br />1 <br />:! <br />.~ <br /> <br />11. The tenn "bier as used herein includes a bid, offer or <br />proposal as applicable. <br /> <br />. <br />1 <br />I <br />i <br />1 <br />I <br />'1 <br />'j <br />j <br />I <br />1 <br />j <br />, <br />! <br />-, <br />, <br />" <br />, <br />'I <br />I <br />i <br />I <br />j <br />t <br />1 <br />1 <br /> <br />Final Version <br /> <br />00401-2 <br /> <br />\ <br />