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1 ' The Contractor and :he Surety , jointly and severally , bind themselves . 6 . After the Owner has terminated the Contractor s nant to cornpte : : enc their heirs , executors . administrators . successors and assigns to the Owner Cunstruetion Contract . and if the Surety elects to act under Suboarzerapn for the performance of the Construction Contract . which is incorporated 4 . 1 . 4 2 . or 4 .3 above , then the responsibilities of the Surety to the Owner herein by reference . shall not be greater than those of the Contractor under the Construction '- . If the Contractor performs the Construction Contract . the Surety and Contract, and the responsibilities of the Owner to the Surcty snail not be the Contractor shall have no obligation under this Bond , except to par- greater than those of the Owner under the Construction Contract . To the tictpate in conferences as provided in Subparagraph 3 . 1 . Irma of the amount of this Bond. but subject to commitment by the Owner 3 . 1 ( there is no Owner Default , the Surety ' s obligation under this Bond of the Balance of the Contract Price to mitigation of costs and damaecs shall arise after. on the Construction Contract , the Surety is obligated without duplication for 3 . 1 . The Owner has notified the Contractor and the Surety at is address 6 . 1 . The responsibilities of the Contractor for correction of defective described in Paragraph 10 below , that the Owner is considering work and completion of the Construction Contract : declaring a Contractor Default and has requested and attempted 6.2. .4dditional legal . to arrange a conference with the Contractor and the Surety to be ga design professional and delay costs resultina held not later than fifteen days after receipt of such notice to from the Contractor ' s Default , and resulting from the actic .wis or discuss methods of performing the Construction Contrasfailure to act of the Surety under Paragraph 4 : and. if the 6 .3 . liquidated damages , or if no liquidated damages are specified in Owner. the Contractor and the Surety agree , the Contractor shall the Construction Contract, actual damages caused by de:aycd tract, allowed a reasonable time to perform the Construction Con- performance or non-performance of the Contractor . but such agreement shall not waive the Owner' s right. if The Surety shall not be liable to the Owner or others for obligations of any , subsequently declare a Contractor Default: and the Contractor that are unrelated to the Construction Contract, and the 3 .= . The Owner has declared a Contractor Default and formally ter- Elie of the Contract Price shall not be reduced or set off on account minted the DefaulContrt hall right a complete the contract. Such of any such unrelated obligations. No right of-action shall accrue on this . Contractor Default shall not be declared earlier than twenty days Bond to any person or entity other than the Owner or its heirs , executors , after the Contractor and the Surety have received notice as pro- administrators. or successors. vided in Subparagraph 3 . 1 ; and &. The Surety hereby waives notice of any change , including changes of 3 .3 . The Owner has agreed to pay the Balance of the Contract Price time. to the Construction Contract or to related subcontracts , purchase to the Surety in accordance with the terms of the Construction orders and ocher obligations. Contract or a a contracaccordance i selected m perform the Construction 9 Any proceeding, legal or equitable , under this Bond may be instituted Contract in accordance with the terns of the contras with the in any court of competent jurisdiction in the location in which the work Owner. or part of the work is located and shall be instituted within two years after 4 . When the Owner has satisfied the conditions of Paragraph 3 . the Surety Contractor Default or within two years after the Contractor ceased work- shall promptly and at the Surety ' s expense take one of the following ing or within two years after the Surety refuses or fails to perform its actions: obligations under this Bond. whichever occurs first. If the provisions of 4 . 1 . Arrange for the Contractor, with consent of the Owner, to perform this Paragraph are void or prohibited by law, the minimum period of and complete the Construction Contract; or limitation available to sureties as a defense in the jurisdiction of the suit 4 .2. Undertake to perform and complete the Construction Contract shall be applicable. itself, through its agents or through independent contractors: or 10 . Notice to the Surety, the Owner or the Contractor shall be mailed or 4 .3 . Obtain bids or negotiated proposals from qualified contractors delivered to the address shown on the signature page, acceptable to the Owner for a contract for performance and corn- 11 . When this Bond has been furnished to comply with a statutory or pletion of the Construction Contract, arrange for a contract to be other legal requirement in the location where the construction was to be prepared for execution by the Owner and the contractor selected performed, any provision in this Bond conflicting with said statutory or with the Owner' s concurrence , to be secured with performance legal requirement shall be deemed deleted herefrom and provisions con- and payment bonds executed by a qualified surety equivalent to forming to such statutory or other legal requirement shall be deemed the bonds issued on the Construction Contract. and pay to the incorporated herein. The intent is that this Bond shall be construed as a Owner the amount of damages as described in Paragraph 6 in statutory bond and not as a common law bond. excess of the Balance of the Contract Price incurred by the Owner 12. Definitions. resulting from the Contractor' s default: or 12. 1 . Balance of the Contract Price: The total amount payable by the 4 . 4 . Waive is right to perform and complete, arrange for completion, Owner to the Contractor under the Construction Contract after or obtain a new contractor and with reasonable promptness under all proper adjustments have been made, including allowance to the circumstances: the Contractor of any amounts received or to be received by 1 . After investigation. determine the amount for which it may be the Owner in settlement of insurance or other claims for dam- liable to the Owner and. as soon as practicable after the amount ages to which the Contractor is entitled. reduced by all valid is determined , tender payment therefor to the Owner, or and proper payments made to or on behalf of the Contractor 2. Deny liability in whole or in part and t;a::1 06 "ac Owner citing under the Construction Can==# reasons therefor. 12?' Construction Contract-. The agreement between the Owner and S . If the Surety does not proceed as provided in Paragraph 4 with reason- the Contractor identified on the signature page , including all able promptness , the Surety shall be deemed to be in default on this Bond Contraef Documents and changes thereto . fifteen days after receipt of an additional written notice from the Owner 123 . Contractor Default: Failure of the Contractor, which has neither to the Surety demanding that the Surety perform its obligations under this beim remedied nor waived, to perform or otherwise to comply Bond, and the Owner shall be entitled to enforce any remedy available to with the terms of the Construction Contract. the Owner. If the Surety proceeds as provided in Subparagraph 4 .4, and 12. 4 . Owner Default: Failure of the Owner, which has neither been the Owner refuses the payment tendered or the Surety has denied liability , remedied nor waived, to pay the Contractor as required by the in whole or in part, without further notice the Owner shall be entitled to Construction Contract or to perform and complete or comply enforce any remedy available to the Owner. with the other terms thereof. ( FOR INFORMATION ONLY—Name , Address and Telephone ) AGENT or BROKER : OWNER ' S REPRESENTATIVE ( Architect , Engineer or other party) : Brown & Brown , Inc . P . O . Box 1229 Tampa , FL 33601 - 1229 ( 813 ) 226 - 1321