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The Surety, for value received, hereby stipulates and agrees that no charge, extension of time, <br />alteration of or addition to the terms of the Contract or to the work to be performed there under <br />or to the Specifications applicable thereto, shall in any way affect its obligations on this Bond, <br />and the Surety hereby waives notice of any such change, extension of time, alterations of or <br />addition to the terms of the Contract, or to the work or to the Specifications. <br />The Surety represents and warrants to the County of Indian River that it has a Best's Key <br />Rating Guide, General Policyholder's rating of "A" and Financial Size Category of Class 'W'. <br />The Principal and Surety jointly and severally covenant and agree that this Bond will remain in <br />full force and effect for a period of one year commencing on the date of Final Completion as <br />established on the Certificate of Final Completion as issued by the County of Indian River. <br />The Principal and Surety jointly and severally, agree to pay the County of Indian River all <br />losses, damages, expenses, costs, and attorney's fees, including appellate proceedings, that <br />the County of Indian River sustains because of a default by the Principal under the Contract. <br />[The remainder of this page was left blank intentionally] <br />00612 -Payment Bond.doc <br />00612 - 2 <br />CADocuments and Settingsyoann\Local Settings\Temporary Internet Files\Content.Outlook%DW4VKPNA\00612 -Payment Bond.doc Rev. 05/01 <br />