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1. Bidder and Suret}% jointlN. and severally, <br />bind thernselves, their heirs, executors, <br />administratars, successors and assigns ta pay to <br />Owner upon default of Bidder the penal sum set <br />forth on the face of this Bond. <br />2. Default of Bidder sha11 accur upon the <br />failure of Bidder to deliver within the time <br />reyuired bx• the Bidding Documeitits the <br />executed Agreement required by the Bidding <br />Documents and any performance and payment <br />bonds required by the Bidding Documents and <br />Contract Documents. <br />3, This obligaiion shall be null and void if: <br />3.1 Owner accepts Bidder's bid and <br />Bidder delivers within the time <br />required by the Bidding Documents <br />(or any extension thereof agreed to in <br />writing hy Owner) the exeruted <br />Agreement required Uy the Bidding <br />Dactunents and any perfomtance and <br />payment bonds required by the <br />Bidding Documents and Contract <br />Documents, or <br />- 3.2 All bids are rejected by Owner, or <br />3.3 Owner fails to issue a notice of award <br />to Bidder within the time specified in <br />d1e Bidding Documents (or any <br />extensian thereof agreed to in writing <br />by Bidder and, if applicable, <br />consented ta by Surety when <br />required by paragraph 5 hereoo. <br />4. Pat°ment under this Bond will be due and <br />payable upon default of Bidder and within 30 <br />ralendar days after receipt by Bidder and Surety <br />nf Written notice of default from Chvner, which <br />notice will be given with reasonable prompMess, <br />identifying this Bond and the Project and <br />induding a s#itement of the amount due. <br />5. Surety waives natice of and any and all <br />defenses based on or arising aut of any time <br />extension to issue notice of award agreed to in <br />v,rriting by Owner and Bidder, provided that the <br />time for issuing notice of award induding <br />extensions shall not in the aggregate exceed 120 <br />days from Bid Due Date without Surety's <br />written consent. <br />6. No suit or action shall be commenced under <br />this Bond prior to 30 calendar days after the <br />nntice of default required in paragraph 4 above <br />is received by Bidder and Surety, and in no case <br />later than one year after Bid Due Date. <br />7. Anv suit or action under this Bond shali br <br />cpmmenced only in a court of competent <br />jurisdiction located in the state in which tlle <br />Project is located. <br />8. Notice required hereunder shall be in <br />writing and sent to Bidder and Surety at t}ieir <br />respertive addresses shown on the face of this <br />Bnnd. Such notices may be sent by personal <br />delivery, commercial courier or by United States <br />Registered ar Certified Mail, retum receipt <br />requested, postage pre-paid, and shall be <br />deemed to be effective upon receipt b), the parhy <br />concemed. <br />9. Surety shall cause to be attached to #his <br />Bond a current and effective Power of Attorney <br />evidencing the authority of the officer, ageni or <br />representative who executed this Band on behalf <br />of Surety to execate, seal and deliver such Bond <br />and bind the Surety thererN. <br />10. This Bond is intended to conform to all <br />applicable statutory requirements. Any <br />applicable requirement of any applicable statute <br />that has been omitted from this Bond shall be <br />deemed to be induded herein as if set forth at <br />length. If any provision of the Bond conflicts <br />with any applicable provision of any applicable <br />statute, then the provision of said statute shall <br />govern and the remainder of this Bond that is <br />not in conflict therewith shall continue in full <br />force and effect. <br />11. The term "bid" as used herein includes a <br />bid, offer or proposal as applicable. <br />EJCDC N0.1910-28-C (1990 Edition) <br />SECTION V-2 <br />