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performance of such labor or delivery of such material or supplies and the nonpayment therefore . 3 . After the expiration of one ( 1 ) year from the performance of the labor or completion of delivery of the materials or supplies ; it being understood , however, that if any limitation embodied in this Bond is prohibited by any law controlling the construction hereof, such limitations shall be deemed to be amended , so as to be equal to the minimum period of limitation permitted by such law. 3 . Other than in a state court of competent jurisdiction in and for Indian River County, Florida , or in the United States District Court for the Southern District of Florida , and not elsewhere . The Surety, for value received , hereby stipulates and agrees that no charge , extension of time , alteration of or addition to the terms of the Contract or to the work to be performed thereunder or to the Specifications applicable thereto , shall in any way affect its obligations on this Bond , and the Surety hereby waives notice of any such change , extension of time , alterations of or addition to the terms of the Contract , or to the work or to the Specifications . The Surety represents and warrants to the County of Indian River that it has a Best's Key Rating Guide , General Policyholder's rating of "A" and Financial Size Category of Class "X" . The Principal and Surety jointly and severally covenant and agree that this Bond will remain in full force and effect for a period of one year commencing on the date of Substantial Completion as established on the Certificate of Substantial Completion as issued by the County of Indian River. The Principal and Surety jointly and severally, agree to pay the County of Indian River all losses , damages , expenses , costs , and attorney's fees , including appellate proceedings , that the County of Indian River sustains because of a default by the Principal under the Contract . IN WITNESS WHEREOF , the above bound parties executed this instrument under their several seals , this day of , 20., the name and corporate seal of each corporate party being hereto affixed and these presents duly signed by its undersigned representative , pursuant to authority of its governing body. *****w*******wwwwwwwwww*wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww***********wwwwwwwwwwwwwwwwwwwwwwwwww WHEN THE PRINCIPAL IS AN INDIVIDUAL . Witness Signature of Individual Address Printed Name of Individual Witness Address --- 00612 Payment Bond 00612 - 2 - - - F:\Utilities\UTILITY - ENGINEERING\Projects . Utility Construction Permits\IRC - Labor Contract RE-BID for 2005-2006\BID DOCUMENTS - USE ONLY FOR THIS PROJECT\BID DOCUMENTS\00612 Payment Bond.doc Rev. 05/01