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<br />1. Bidder and Surety, jointly and severally, bind <br />themselves, their heirs. executors, administrators, <br />wocessors and a~signs to pay to Owner upon default of <br />Bidder any difference between the total amount of Bidder's <br />bid and the total am'ount of the bid of the next lowest, <br />responsible and responsive bidder as determined by ~er <br />for the WorK required by the Contract DoctJments, provided <br />ttlla t: / <br />1.1. If there is no such next lowest: responsible and <br />responsive bJOcler, and Owner does not <br />abswdon 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 8lJm !let forth on <br />the face of this Bond. <br /> <br />2. Default of Bickler shall OOClJr 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 Docunents <br />and any performance and payment bonds required by lhe <br />Bidding Documents and Contract Documents. <br /> <br />5. Surety waives notice of and any and all defenses <br />based on Qr arising out of any time extension to issue notice <br />of award apreed to in writing by Owner and Bidder, provided <br />that' the t~1 time for issuing notice of award including <br />exl.ensiOflSi shall not .in the aggregate exceed 120 days from <br />Bid Due Ditte without Surety's written consent: <br /> <br />i <br />6. No $uit or action shall be commenc&d under lhis Bond <br />prior to 3D calendar days after the notice of default, as <br />required in Paragraph 4 above, is received by Bidder and <br />Surety an~ in no case later ttaan one year after Bil Due <br />Date. . <br /> <br />7. AnY: suit Dr ,..-t."" under this Bond shall be <br />commenced omy In II. ~UUI' of competent jurisdiction located <br />in the state In which the project Is Iocaled. <br /> <br />8. Not!ces required hereunder snail be in writing and <br />sent to Bidder end Surety at their respective addresses <br />shown on.ithe face of this Bond. Such notices may be sent <br />by personal deiveIY, 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 />receifll by the ~rty concerned. <br /> <br />3. <br /> <br />This obligation shaW be null and void if: <br />3.1. Owner accepts Biddens bid and Bldder delivers <br />within the lime reQUired by the Bidding <br />Documents (or Bny extension thereof agreed to <br />in wriling by Owner) the executed Agreement <br />required by the Bidding Documents and any <br />performance and payment bonds requited by <br />the Bidding Documents and Contract <br />Documents, or <br />3.2. All bids are rejected by Owner, or <br />3.3.. ONner falls to issue a notice of award to Bidder <br />within the time specified m 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 />henlof). <br /> <br />4. Payment under this Bond Witl be due and payabLe <br />upon defaun by Bidder and within 30 calendar days after <br />T'eOI!!lip.t by Bidder and within 30 calendar days a1ter receipt <br />by Bidder and Surety of written ROtice of default from 0Wne r, <br />which notice wiD be giVen wlh reasonable promptness, <br />identifying thls Bond and the Project and including & <br />statement of the amount due. <br /> <br />9. Su~ty shall cause to bEl attache<! to this Bond a <br />cur:rent and effective Power of Attorney evidencing the <br />authority of tl'Ie officer, agent or representative who el<ecuted <br />this Bond, on behalf of Surety to execute, seal and deliver <br />such Bond and bind the Surety thereby. <br /> <br />1 O. Th~ Bond Is Intended to conform to all applicable <br />. statutOI)' i'equirements. Any llpplicable requirement of any <br />appllcab~ statute that has been omitted from this Bond shall <br />be deemEid to be included herein as if set forth at length. If <br />any pro~ion of this Bood Conflicts with any applicable <br />provision pI this Bond conflicts wtth any appficable provision <br />of any apPlicable staMe, then the provir.ion of said statute <br />shall govern and the remainder of this Bond that is not In <br />conflict th~rewIh shall continue in full force and effect <br /> <br />11. The tenn "bid" as used herein includes a bid, offer or <br />proposal ~ applicable. <br /> <br />~~. <br /> <br />05/0'8 Final Version <br /> <br />i <br />, <br />I. <br />~ <br />t <br /> <br />00401.2 <br /> <br />05-4893 <br />