1999-177 A - Laserfiche WebLink

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4W 7 1 ,ghl to perform and complete, arrr--n for completion, ew contractor and with reasonable mptness under tences: f After Investigation, determine the amount for which It may be liable to the Owner and, as soon as practicable after the amount Is determined, tender payment therefor to the i Owner, or f % .2 Deny liability In whole or in part and notify the Owner citing reasons therefor. 6 If the Surety does not proceed as provided In Paragraph 4 with reasonable promptness, the Surety shall be deemed to be in default f on this Bond fifteen days after receipt of an additional written notice f 'rom the Owner to the Surely demanding that the Surety perform its 4 Obllgntions under this Bond, and the Owner shall ho entitled In enforce any remedy available to the Owner. If the Surely proceeds as provided i in Subparagraph 4.4, and the Owner refuses the payment tendered 3r the Surety has denied liability, In whole or In part, without further iotice the Owner shall be entitled to enforce any remedy available to the Owner. i 1 After the Owner has terminated Ute Contractor's right to complete he Construction Contract, and If the Surety elects to act under Subparagraph 4.1, 4. 2, or 4.3 above, then the responsibilities of the Surety to the Owner shall not be greater than those of the Contractor coder the Construction Contract, and the responsibilities of the Owner o the Surety shall not be greater than those of the Owner under the Construction Contract. To the limit of the amount of this Bond, but subject to commitment by the Owner of the Balance of the Contract I 'rice to mitigation of costs and damages on the Construction ontract, the Surety Is obligated without duplication for: 6.1 The responsibilities of the Contractor for correction of defec- tive work and completion of the Construction Contract; 0.2 Additional legal design professional and delay costs resulting from the Contractor's Default, and resulting from the actions or failure to act of.the Surety under Paragraph 4; and 0.3 Liquidated damages, or If no liquidated damages are speci- fied In the Construction Contract, actual damages caused by delayed performance or non-performance of the Contractor. The Surety shall not be liable to the Owner or others for obligations f the Contractor that are unrelated to the Construction Contract and to Balance of the Contract Price shall not be reduced or set off on account of any such unrelated obligations. No right of action shall 10DIFICATIONS TO THIS BOND ARE AS FOLLOWS: Accrue on miv Bond to any r- -on or entity other than the Owner or Its heirs, executors, admini: rs or successors. 8 The Surely hereby waives na'iice of any change, including changes of time, to the Construction Contract or to related subcontracts: purchase orders and other obligations. 9 Any 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 Con- tractor ceased working 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 minirnurn period of limitation available to sureties as a defense in lite jurisdictinn of the suit shall be applicable 10 Notice to the Surely, lite Owner or the Contractor shall be mailed or delivered to the address shown on the signature page. 11 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 conflicting with said statu- tory or legal requirement shall be deemed deleted herefrom and provisions conforming 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 valance 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 I!te Ccre!rsctor of 3,-,Y aracuri s received Or io be received by the Owner in settlement of insurance or other claims for damages to which the Contractor is entitled, reduced by all 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 and the Contractor Identified on the signature page, Including all Contract Documents and changes thereto. 12.3 Contractor Default: Failure of the Contractor, which has neither been remedied nor waived, to perform or otherwise to comply with the terms of the Construction Contract, 12.4 Owner Default: Failure of the Owner, which has neither been remedied nor waived, to pay the Contractor as required by the Construction Contract or to perform and complete or comply withtheother terms thereof. t. Space Is provided below for additional signatures of added parties other than those appearing on the cover page.) L-ONTRACTOR AS PRINCIPAL (Corporate Seal) SURETY Company: Company: Address: Address: Name and Title: Name and Title: Ignature: Signature: — ORSC22119(10M) ATRUECOPY CERTIFICATION ON LAST PAGE J,K, BARTON, CLERK N Corporate Seal) C" G7 97 C.1`I I'ane 2 of 2