1999-338A - Laserfiche WebLink

Home Browse Search

70 1 FEW PAGE 4.4 Waive its right to perform and complete, arrange for completion. accrue on this Bond to any person or enlity other than the Owner or or obtain a new contractor and with reasonable promptness under its heirs. executors. administrators nr Surrpsi:nrc the circumstances: .1 After invesligalicn, 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 Owner; or .2 Denyliabilily in wholeor in part and notify lheOwner citing reasons therefor. 5 It the Surety does not proceed as provided in Paragraph 4 with reasonable promptness, the Suretyshall be deemed lobe in default on this Bond lifleen days after receipt of an ndditrcnal written notice from the Owner to the Surely demanding that the Surety perform its obligations under this Bond, and the Owner shalt be enl led to enforce any remedy available totheOwner, If the Surety proceeds as provided in Subparagraph 4.4, and the Owner refuses the payment tendered or the Surety has denied liability, in whole or in pan, without further notice the Owner shall be entitled to enforce any remedy available to the Owner. 6After the Owner has terminated the Contractor's right to complete the Construction Contract, and if the Surely 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 under the Construction Contract, and the responsibilities of the Owner Rothe Surety shall nor be greater than those of the Owner under the Construction Contract, To the limit of the amount of this Bond, but subject 10 commitment by the owner Of the Balance of the Contract Price to mitigation of costs and damages on the Construction Contract, the Surely is obligated without duplication for 6,1 The responsibilities of the Contractor for correction of defec- trye work and completion of the Construction Contract 6.2 Additional legal, design professional and delay costs resuliing from the Contractor's Default. and resulting from the actions or failure to act of the Surety under Paragraph d, and 6.3 Liquidated damages, or it no liquidated damages are spec tied on the Construction Contract. actual damages caused by delayed performance or non•perlormance of the Contractor 7The Surety shalt not be liable to the Owner or others for obligations of the Conlractorthat are unrelated tothe Construction Conlract and lite Balance of the Contract Price shall not be reduced or set off on account of any such unrelated obligations No right of action shall MODIFICATIONS TO THIS BOND ARE AS FOLLOWS' 8 The Surely he reby wa i ves notice of any change, including changes of lime, to the Consiniction 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 pan Ot the work is located and shall be instituted within two years after Contractor Default or within two years atter the Can - tractor ceased working or within Iwo years after the Surety refuses or tails to perform its obligations under this Bond, whichever occurs first, If the provisions of This Paragraph are void or prohibited by taw, the minimum period of lirnitalion available to sureties as a defense in the junsdic[ian of the suit shalt be applicable 10 Notice to the Surety, the Owner or the Contractor shall be mailed or delivered to the address shown on the signature page - 11 When rhos Bond has been furnished to comply with a statutory or other legal requirement in [he location where the construction was to be performed, any provision in this Bond conflicting with said statu- tory or legal requirement shale be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement Shalt be deemed incorporated herein. The intent is [hat this Bond shall be construed as a statutory bond and not as a common law bond 12 DEFINITIONS 12.1 Balance of the Contract PriceThe total amount payable by the Owner to the Contractor under the Consiructron Contract after all proper adjustments have boon made, including allowance to the Contractor of any amounts received or to be received by the Owner in settlement of insurance or other claims lot damages to which the Contractors entitled, reduced by all valid and proper Payments made io or on behalf of the Contractor Under the COnsiroctlon Contract 12.2 Construction Contract The agreement between the Owner and theConlractor dentrlied on the signature page. including all Contract Documents and changes therelo 22.3 Contractor Default Failure of the Contractor, which has neither been remedied nor waived, to perform or otherwise to complywilh the terms of the Conslructton Contract 12.40wnerOelaull Failure oflneOwner. which has neilherbeen remedied nor waived, to pay the Contractor as required by the Co n str uction Co nt racl or to per form a nd c omplele or comply with the other terms thereof CD (Space is provided below for additional signatures of added parties other than those apoearmg on the cover page I �- CONTRACTOR AS PRINCIPAL. SURETY W Company {Corporale Seall Company fCarPOP ate Seall lti 'U v - a., W r -n Signature _—_!- -- _ _ _ _ Signature Name and Title Name and Title Address 'Address