07-A Gateway Repair Project - Laserfiche WebLink

Home Browse Search

I. The Contracl~r and the Surety.joln0y and severally, bind themselves, Iheir heirs, cxeclllors. ~dmin~slralors. suc~'~ssors and assigns to the Owner 3, If there is no Owner Default, the Surcty's obligation under this Bond shall arise arter: be allowed a reasonable time to perform the Construction Con- tract, hut such an agreement shall not waive the Owner's right, if vided in Subparagraph 3.1; and 4. When the Owner has satisfied the condilions of Paragraph 3, the Surety Owner the amount of damages as described in Paragraph 6 in or ohiain a new contractor and with reasonable promptness under 2. Deny llnbility in whole or in part and notify the Owner citing Construction Contract. and if the Surely elects to act under Subparagraph 4. I. 4.2. or 4.3 above, then the responsibilities of the Surety to the Owner Contract. and the responsib[Gties of the Owner to the Surety shall not b~ greater than those of the Owner under the Construction Contract. To the limit of the amount of this Bond, but subject Io commitment by the Owner of the Balance of the Contract Price to millgation of costs and damages on the Construction Contract. the Surety is obligated without duplication for: 6.1. Thc responsibilities of the Contractor for correction of defective work and completion of the Construction Contract; .. 6.2. Additional legal, design professional and delay costs result[nS from the Contractor's Defaull, and resulting from the actions or failure to act of the Surety under paragraph 4; and 6.3. Liquidated damages, or if no liquidated damages are specified in Ibc Construction Contract, actual damages caused by delayed performance or non-performance of the Contractor. 7. The Surety shall not be liable to the Owner or others for obligations of the Contractor that are unrelated to the Constractlon Contract, and the Balance of the Contract Price shall not be reduced or set off on account of any such unrelated obligations. No right of action shall accn~e on this Bond to any person or entity other than the Owner or its heirs, executors, adm[nlstrators, or successors. 8. The Surety hereby waives notice of any change, including changes of time, to the Construction Contract or to related subcontracts, purchase orders and other obligations. 9. An:,' proceeding, legal or equitable, under this Bond may be 'instituted in any court of competent jurisdiction in the location in which the work or part of the work is located and shall be instituted within two years after Contractor Default or within two years after the Contractor ceased work- ing or within two years after the Surety refuses or fails to perform its obligations under this Bond, whichever occurs first. If the provisions of this Paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in the jurisdiction of the suit shall be applicable. 10. Notice to the Surety, the Owner or the Contractor shall be mailed or delivered to Ibc address shown on the signature page. 1 I. When this Bond has been furnished to comply with a statutory or other legal requirement in the location where the construction was to.be performed, any provision in this Bond confiicting with said statutory or legal requirement shall be deemed deleted herefrom and provision~ con- forming to such statutory or other legal requirement shall be deemed incorporated herein. The intent is that this Bond shall be construed as a statutory bond and not as a common law bond. 12. Definitions. 12.1. Balance of the Contract Price: The total amount payable bY the Owner to the Contractor under the Construction Contract after all proper adjustments have been made, including allowance to the Contractor of any amounts received or to be received by the Owner in settlement oflnsurance or other claims for dam- ages to which the Contractor is entitled, reduced by ali valid and proper payments made to or on behalf of the Contractor under the Construction Contract. 12.2. Construction Contract: The agreement between the Owner an~ the Contractor identified on the signature page, including al: Contract Documents and changes thereto. 12.3. Contractor Default FatureoftheContractoi' whichhas,nelthe~ been remedied nor waived, to perform or otherwise to compl) with the terms of the Constructlon Contract. 12.4. Owner Default: Failure of the Owner. which has neither beer remedied nor waived, to pay the Contractor as required by th~ Construction Contract or to perform and complete or compl: with the other terms thereof. (FOR INFORMATION ONLY--Name, Address and Telephone) AGENT or BROKER: OWNER'S REPRESENTATIVE (Architect. Engineer or other party):