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<br />I. 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 amoullt of Bidder's <br />bid and the total. amount of the bid of the next lowest, <br />respOl1sible 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 />responsi\lEl bidder, and OWner does not <br />abandon the Project. then Bidder and Surety <br />shalt 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 />llereunder exceed the penal sum sat forth on <br />lhe face oflhis Bond. <br /> <br />.2. Default of Bidder shall occur upon the failure of Bidder <br />to deliver w;thin the time required by the Bidding Documents <br />Jor any.extension thereof agreed to In writing by Owner) the <br />ececuted Agreement required by the Bidding Documents <br />'fldany.'performance and payment bonds required by the <br />aJdcling Documents and Contract Documents. <br /> <br />. . <br />'" .'. . . <br />3. ';';T~is obli9Oltion shall be null and void if: '. <br />::''3.C OWner accepts Bidder's bid and Bidder delivers:': <br />within the- time required by the Bidding <br />Documents (or any exten5iOfl thereof agreed to <br />In writing by Owner) the executed Agreement <br />r,equired by the Bidding Documents and' any <br />perfQrmance and payment bonds required by <br />the . Bidding Documents and Contract <br />Documents. or <br />,5.2. All bids are rejected by Owner, or <br />5.3. Owner fails 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 paragrapn 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 />recoipt by Bidder and within 30 calendar days after receipt <br />by Bidder and Surety of written notics of default from Owner, <br />wIlich notice will be given. with reasonable promptnes5, <br />identifying this Bond andtne Project and including a <br />statement of the amount dUe. <br /> <br />5. Surely waives notice of and any and r.1I defenses <br />basEld on or arising out of any time extension to issue notice <br />_., of B'lfclrd' agreed tQin wrIting by Owner and Bidder, provided <br />that tile total time for issuing notice of award including <br />e~en&lons shall flot in the aggregate exceed 120 days from <br />.' Bid Que Date without Surety's wrttten consent. <br /> <br />6.". . No suit or action shall be Commenced under this Bond <br />prior ter30 calendar days after the notice of default, as <br />required in Paragraph 4 above, Is received by Bidder and <br />Surely and in no case laler 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 wrning 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 Mail, return receipt requested, <br />postage pre-paid, and shall be deemed to be effective upon <br />re~~t ~~ttJ~ paryy concerned,,- <br /> <br />9. Surety shall cause to be attached to., this Bond a <br />,.- l:urrent' alld effective Power of Attorney 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 tQ_~ Surety thereby. . <br /> <br />, .. <br />".10. ." Thl5 Bon~ is intended to conform to all appUcable <br />s~utory requirements. Any, applicable requirement of any <br />applicable statute thai has been omitted from this Bond shan <br />.. be d~ined 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 0'1 said statutetshall govern and the remainder of this Bond that is not in <br />conflict therewith shall continue in full force and effect. <br /> <br />11. The term "bid" as used herein includes a bid, offer or <br />proposal as applicable. <br /> <br />05/08 Final Version <br /> <br />00401~2 <br /> <br />05-4893 <br />