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Bidder and Surety. jointly ll1ld s-'"Vcrally. bind themselves, <br />their heirs, eXc.cu~l'S, BJlministrll!Dl'S, 5U=Ssors lllld ~signs to pay <br />to Qv,.ner upon defllult of Bidder any differcncc between the total <br />amounl of Bidder's bid and the totllJ amount of the bid of the f1C).'t <br />lo\rtS1. responsible and r~pon~lve bldl:kr a5 detennincd by O.....ner <br />for the Work required by the Contrllet Documents, provloed that: <br />1.1. If there is nO such nel..'1. lowest. re~porL~ible and <br />re~ponsive bidder, and Owner does not abandon thc <br />project.. then Bidder and Surd)' shall pay to Ov.'I1er <br />the penal sum set forth on the fau ofthi~ Bond, and <br />1.2. In no event shall Biddc:r's Imd Sumy'5 obligation <br />hereunder excced the penal sum S~ forth on the face <br />cf this Bond <br /> <br />2. Default of Bidder shall occur upon the failure of Bidder Lo <br />deliver within the time TUjuired by the Biddmg Documents (or IlI1Y <br />extCn!ion thereof agreed to in writing by CN."llcr) the executed <br />A grc.em c:nt rcquired by the Bidding DoclllTlents J1ld. any <br />performancc and payment bonds required by the Bidding <br />Documents Ilnd ConU1lct Documents. <br /> <br />3 This obligalion shall be null and void tf: <br />3.1. Owner aeccpts Bidder's bid lUld Bidder delivw <br />witJJin the time required by the Bidding Do.cumen15 <br />(or any elClcn.sion thcrrof agrced to in writing by <br />Owner) the exeeuled Agreement n:quired by the <br />Bidding Documents and III1Y perfonnMcC and <br />payment bonds reqUired by the Bidding Documents <br />and ConlIaC! Documcn13, or <br />3.2. All bids arc rejected by Owner, or <br />3.3. Owner f,:ils to issue a notice of aw:ud 10 Biddb~ <br />within the time specified in the Bidding Documents" <br />(or any extension thereof agreed to in "'tiling \>y <br />Bidder end, if applicable, con.sented \0 by Surety <br />whcn required by paragraph 5 hereof). <br /> <br />4. Payment under this Bond ....~II be due and payable upon <br />danult by Bid6er ;md Within 30 c.a.lcndar days after receipt by <br />Bidder and wilhin 3D calendar days a."ler receipt by Bidder Ilnd <br />Surety of writlCn notice of default from O\l,ller, which notit:t: will <br />be given with reasonable prompUlt:ss, identifying this Bond Jnd The <br />projet:t and including II stAtement of the amount duc. <br /> <br />5. Surety wniy~ notice of and MY e.nd all defen~es based on <br />or amlnB out of lll1Y time extension to i~~ue notice: of award agreed <br />lD in writinJ; by O\l.l1er and Bidder. pro....ided that the IOUlI time for <br />issuing notice of a.....ard mclutiing extenSIOns shall not in the <br />Ilggreg= el'ee.e.d 120 da.ys from Bid Due Date without SUfC!).'S <br />wnnen consent. <br /> <br />6 No suit or aC1.ion shall be commenced under thiS Bond pnor <br />to 3D calendar days llfter the notiu of default required In paragraph <br />oj above i$ received by Bidder lIIld Surety and In no c~e I;;ter than <br />one yW after Bid Due D~. <br /> <br />7. Any suit or action under this Bond shall be commenced <br />only in Q court of t:ompet.cnt jurisdicllon located in the state III <br />which the Project is located. <br /> <br />g Nollees required hereunder shall be In writing and sent to <br />Biooer and Suret)' Ilt their respeetivc JllidresseS shDwn on lhe foce <br />of this Bond. Sut:h noti= mBY Ix: sent by person~1 deliver)', <br />commercial courier or by United SU-IrS Resistered Dr Cenified <br />Mall, return receipl requested. pOSUlj;e pre-paid. and shall be <br />deemed to be effective upon ~ceipl by the pRJ1)' concerned.. <br /> <br />9. Suret)' shall cause to be n!Uche.d to this Bond :1 current llJ1d <br />mcc:tive power of Arrome)' evidencing the authonly of the offlecr, <br />agent or representAtive who executed this Bond on behalf of Suret)' <br />lO e:ecute, se31 n.nd deliver such Bond and bind the Sun=t)' thereby <br /> <br />10. This Bond IS intended to conform to all ~pp\icablt statutory <br />requirements. Any applicable requirement of 3J1Y 3pplicabic <br />suttJle thA.l has bccn omitted from this Bond shall be deemed to be <br />included herein as if set forth at length. If nny proYlsion 0'1' thiS <br />Bond conlliets with any applicnblc provision of this Bond wnl1ictS <br />With any appliCAble proVision of any applicable stJttJlC, then the <br />provision of said statute shall govern and the remainder of this <br />Bond thar is not in conf1ie~ therewith shall continue in full force <br />and dfeeL <br /> <br />11. The lenn "bid" aI used herein includes :1 bid. oITer or <br />propos31 a! lI+'pli cab I c. <br /> <br />Bid Bond <br /> <br />03-4138.B <br /> <br />00401-2 <br />