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 the
Bidding Documents (or any extension thereof
agreed to in 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 the time required by the
Bidding Documents (or any extension thereof
agreed to in 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, or
3.2 All bids are rejected by OWNER, or
3.3 OWNER fails to issue a notice of award to
Bidder within the time specified in the Bidding
Documents (or any extension thereof agreed to
in writing by Bidder and, if applicable,
consented to by Surety when required by
paragraph 5 hereof).
Payment under this bond wili be due and payable
upon default by Bidder and Within 30 calendar
days after receipt by Bidder and Surety of written
notice of default from OWNER, which notice will
be given with reasonable promptness, identifying
this Bond and the Project and including a statement
of the amount due.
Surety waives notice of and any and all defenses
based on or arising out of any time extension to
issue notice of award agreed to in writing by
OWNER and Bidder, provided that the time for
issuing Notice of Award including extensions shall
not in the aggregate exceed 120 days from Bid Due
Date without Surety’s written consent.
No suit or action shall be commenced under this
Bond prior to 30 calendar days after the notice of
default required in paragraph 4 above is received by
Bidder and Surety, and in no case later than one
year after Bid due date.
BB - 2 of 2
10.
11.
Any suit or action under this Bond shall be
commenced only in a court of competent
jurisdiction located in the state in which the Project
is located.
Notice required hereunder shall be in writing and
sent to Bidder and Surety at their respective
addresses shown on the face of this Bond. Such
notices may be sent by personal delivery,
commercial courier or by United States Registered
or Certified Mail, return receipt requested, postage
pre-paid, and shall be deemed to be effective upon
receipt by the party concerned.
Surety shall cause to be attached to this Bond a
current and effective Power of Attomey evidencing
the authority of the officer, agent or representative
who executed this Bond on behalf of Surety to
execute, seal and deliver such Bond and bind the
Surety thereby.
This Bond is intended to conform to all applicable
statutory requirements. Any applicable requirement
of any applicable statute that has been omitted from
this Bond shall be deemed to be included herein as
if set forth at length. If 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
not in conflict therewith shall continue in full force
and effect.
The term “Bid” as used herein includes a Bid, offer
or proposal as applicable.
