PROVIDED, that beneficiaries or claimants hereunder shall be limited to the subcontractors, and
persons, firms, and corporations having a direct contract with the PRINCIPAL or its
SUBCONTRACTORS.
PROVIDED FURTHER, that the said Surety for value received hereby stipulates and agrees
that no change, extension of time, alteration or addition to the terms of the contract or to the
WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in
any way affect its obligation on this BOND, and it does hereby waive notice of any such change,
extension of time, alteration or addition to the terms of the contract or to the WORK or to the
SPECIFICATIONS.
PROVIDED, FURTHER that no suit or action shall be commenced hereunder by any claimant:
(a) Unless claimant, other than one having a direct contract with the PRINCIPAL shall have
given written notice to any two of the following: The PRINCIPAL, the OWNER, or the
SURETY above named within ninety (90) days after such claimant did or performed the last of
the work or labor, or furnished the last of the materials for which said claim is made, stating with
substantial accuracy the amount claimed and the name of the party to whom the materials were
furnished, or for whom the work or labor was done or performed. Such notice shall be served by
mailing the same by registered mail or certified mail, postage prepaid, in an envelope addressed
to the PRINCIPAL, OWNER, or SURETY, at any place where an office is regularly maintained
for the transaction business, or served in any manner in which legal process may be served in the
state in which the aforesaid project is located, save that such service need not be made by a
public officer. (b) After the expiration of one (1) year following the date on which PRINCIPAL
ceased work on said CONTRACT, it being understood, however, that if any limitation embodied
in the BOND is prohibited by any law controlling the construction hereof, such limitation shall
be deemed to be amended so as to be equal to the minimum period of limitation permitted by
such law.
PROVIDED, FURTHER, that it is expressly agreed that this BOND shall be deemed amended
automatically and immediately, without formal and separate amendments hereto, upon
amendment to the Contract not increasing the contract price more than 20 percent, so as to bind
the PRINCIPAL and the SURETY to the full and faithful performance of the Contract as so
amended. The term "Amendment", wherever used in this BOND and whether referring to this
BOND, the contract or the loan Documents shall include any alteration, addition, extension or
modification of any character whatsoever.
PROVIDED FURTHER, that no final settlement between the OWNER and the
CONTRACTOR shall abridge the right of any beneficiary hereunder, whose claim may be
unsatisfied.
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