L.
Bidder and Surety, jointly and severally, bind
themselves, their heirs, executors, administrators,
successors, and assigns to. pay to OWNER upon
default of Bidder the penal sum set forth on the face
of this Bond.
Default of Bidder shall occur upon the failure of
Bidder to deliver within the time required by thé
Bidding Rocuments (or any extension thereof
agreed toin writing by OWNER) the executed
Agreement required by the Bidding Documents and.
any performance and payment bonds required by
the Bidding Documents and Contract Documents.
This obligation shall be null and void if:
3.1, OWNER accepts Bidder’s bid and Bidder
delivers within ithé tinie required by the
Bidding Docunients (or any exterision thereof
agreed to in writing. by’ OWNER) the executed
Agreement required. by the Bidding Docuntents
and any performance and payment bonds
required by the Bidding Documents and
Contract Documents, or
3.2 All Bids are rejected by OWNER, or
3.3. OWNER fails to isstie a notice of award to
Bidder within the time specified in the. Bidding
Documents (or yexténision thereof agreed to
in writing. by Bic der and, if applicable,
consented to by- ‘Surety when required by
paragraph § hereof):
Payment under this:bond will be due and payable
upon default by Bidder and Within 30 calendar
days after receipt by Biddeér-and Surety of written
nance of default from: OWNER, which notice. will
be-given with reasonable ‘promptiess, identifying
this Bond and the Pidject'and includitig a statement
ofthe amount due.
Surely waives notice‘of and any and all defenses
based on or arising'out of’ ‘any time extension to
issué notice of award agreed to in writing by
OWNER and Bidder, provided that the time for
issiliAg Notice. of Award including extensions shall
notin the aggregate exceed 120 days from Bid Due
Date without Surety’s, Written consent.
No sujt‘or action shall‘be commenced under this
Bond prior to 30 valend a ‘days after the notice of
default:tequired in paragraph 4 above is received by
Bidder and Surety, and in:no case'later than one
year after Bid-due date.
7. Any suit or action under this Bond shall be
commenced; only i in‘a court of competent
jurisdiction located in the state in which the Project
‘is located.
8. Notice required hereunder shall be in writing and
Sent. to Bidder arid:Suréty at their respective
addresses stiown.6r-the facé of this Bond. Such
ridfices.may be seit b ersonal delivery,
pre-paid, and'shal I be fee to be effective upon
receipt by the party:concetned.
9. Surety shall causeto be'attached to this Bond a
current and effective Power of Attorney evidencing
the authority of the officer, agent or representative
who-execufed this 'Bond-on behalf of Surety to
exécute, seal atid deliver'such Bond and bind the
Surety thereby.
10, This Bond is iitended ta Conform to all applicable
Statutory requirements, y applicable requirement
of any. applicabie: ‘Statute t hat ‘has heen omitted from
this:Bond shal] bedeeined to be included herein 2g
if'set forth atlength.Jf any provision of the Bond
conflicts with any, applicable provision of any
applicable statute; ‘then the provision of said statute
Shall govern:and the remainder of this Bond that is
notin conflict therewith shall continue in full force
‘Gnd effect.
1}, The-term “Bid” as used herein includes a Bid, offer
‘Of proposal as applicable,
BB - 20f 2
