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8 The Surety hereby waives notice of any change, in- 12 DEFINITIONS cluding changes of time, to the Construction Contract orto 12.1 Balance of the Contract Price: The total amount gations. y related subcontracts, purchase orders and other obli- payable b the Owner to the Contractor under the Construction Contract after all proper adjustments 9 Any proceeding , legal or equitable, under this Bond have been made, including allowance to the Con- may be instituted in any court of competent jurisdiction in tractor of any amounts received or to be received by the location in which the work or part of the work is lo- the Owner in settlement of insurance or other claims cated and shall be instituted within two years after Con- for damages to which the Contractor is entitled, re- tractor Default or within two years after the Contractor duced by all valid and proper payments made to or ceased working or within two years after the Surety re- on behalf of the Contractor under the Construction fuses or fails to perform its obligation under this Bond , Contract, whichever occurs first. If the provisions of this Paragraph 12.2 Construction Contract: The agreement between are void or prohibited by law, the minimum period of limi- tation available to sureties as a defense in the jurisdic- tion of the suit shall be applicable. nature page , including all Contract Documents and changes thereto. 10 Notice to the Surety, the Owner or the Contractor 12,3 Contractor Default: Failure of the Contractor, shall be mailed or delivered to the address shown on the which has neither been remedied nor waived , to per- form page . form or otherwise to comply with the terms of the 11 When this Bond has been furnished to comply with a Construction Contract statutory or other legal requirement in the location where 12.4 Owner Default: Failure of the Owner, which has the construction was to be performed , any provision in neither been remedied nor waived , to pay the Con- this Bond conflicting with said statutory or legal require- tractor as required by the Construction Contract or to require- ment shall be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement perform and complete or comply with the other terms thereof. 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 . MODIFICATIONS TO THIS BOND ARE AS FOLLOWS : (Space is provided below for additional signatures of added parties, other than those appearing on the cover page. ) CONTRACTOR AS PRINCIPAL SURETY Company: ( Corporate Seal) Company: (Corporate Seal) Signature: Signature: Name and Title: Name and Title: Address: Address: Printed in cooperation with the American Institute of Architects (AIA) by the Old Dominion Insurance Company . The language in this document conforms exactly to the language used in AIA Document A312 , December 1984 edition , third printing, March, 1987. 68-5301 (7/96) Page 3 of 6 A TRUE COPY CERTIFICATION ON LAST PAGE JX BARTON , CLERK