Performance Bond A312-2010 - Laserfiche WebLink

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$ 7 Ifthe Surety elects to act under Section 5.1r 5.2 or 5,3, tlren ihe responsibilities olthe Surety to the Ol'aer shall not be greater than thosc of&q Conbactor snderlhe Constructlon ConlrrcL and the responsibilities ofthe Olvner to the Surety shall not bo greatcr thaa thosc ofthc Owncrundcr thc Construction Contracl SubJiect to lhe cornmitment by the Owrcr to pay thc Balancc of thc Contnct Frice, the Surety is obligated, without duplication, lor .1 the responsibitities of lhe Contractor for correctibn of defectivc work and completion of the. Construction Conftacq .2 additional legal, design professianal and delay cosls rasulling frorn the Cofl(ractor's Default, and resulting from the actions or failwe to act oftle Surety under Section 5; and.3 .liquidated danrages, or ifuo liquidated damages are speoified in the Cotrstruction Contract, actuul damage.s caused by deiayed performance or ton-performarce of the Contractor. $ 8If th€ Sur€ty elects to act under Section 5.1, 5.3 or5.4, the Suret/s liability is limited to the amoun! of this Bond, $ I The Surety shalt no( be liable to the Owner orothers for obligations ofthe Cortsactor that arc unrclatcd to thc Construction Contract, and thc Balance oflhe Contruct Price sholl not be reduced or set offon account of'any such urtclatcd obllgations, No right ofaclion shaU accrue on this Bond to any peaon or cntity other than thc Owno or its hcir, cxcoutors, adminisfaton, successors add assigns. $ 10 The Surety hereby waives noticc ofany changq including changcs ofdmc, to lhe Consrucdon Contiact or to Flatedsubcontracts, purchase orders and other obligations. $ 11 Any proceeding, Iegal or equitablq uuder this Bond may be instituted in any court of competentjudsdi*ion in the location inn'hich the lvorkor part of thc work is locatcd and shall be t$titutcd within trvo years after a declaratlon of ConaadorDefrult orrvithin two years 8ffer thB Cont&ctor ccascd working or within nvo yean after the Surety refuses or fails to perform it$ obligations under this Boad lvhichever occurs first lfthe provislons of thisParagraph are vrid or prohibited by larv, tle minimurn period of limitation available to sureties as a defense in the jurisdiction of the zuit sball be applicable. $ 1 2 Noticc to thc Surcty, thc Olrnqr or lhc Conlraotor shall bc mailed or delivEred to the address shorur on lhe page on rvhich their signaturc appcafs, $ 1 3 When thls Bond has been firmished to mmply with a statutory or other legal requiroment in the location rvhere the construction rvas to be per{otmed, any provision in this Bond conflicting with said statutory or legal requirement $hall be deemed deleled hediom and provisions conforming to zuch statutory or other legal requirement shall be deemed incorporatcd hereia, When so findshcd, the intent is that lhis Bond shall bc construed as a statutory bond and not as a common latv'bond. $ {4 Definitlons $ 14.1 Ealance of the Gontract Prlce. Thc total amouutpayable by the Owner to the Contactoruadsr the Consbuction Conhact afier altrproper adjurtrncnls havc bcen madc, including allolyancc to the Coutractor ofany amoutrts received or to be received by the Orvner in settlement of insurance or other claims for damages to rvhich the Conlractor is entitled, reduced by all valid and proper payments made t'o or on behalFol0e Cotrtractor under the Cbnstruction Contract. $ 14,2 Construction Gontract lhe agreement betlveen the Orvner and Conhactor identified on the coverpage, including all Contrac[f)ocuments aod changes made to ihe agreement and the Contact Documents. $ 14.3 Contractor Default Failure of the Conhactor,lvhich hasnotbsenremedied or waivcd, to pcrhnn or othcrwisc to complywitlr a material term ofthe Conshuction Conlract $ 14.{ Owner Dgfault Failure of the Orvner, which has aot been remedied or rvalved, to pay the Contractor as requlred under the Construction Contact or to perfornr aud complete or comply rvith lhe othermaterlal terms of the Construction Conlracl $ 14.5 Contract Documents. All the documents thatcomprise the agreernenlbetrveen the Ownerand Conlractor. $ 15 If this Bond is issued for an ageement betweerr d Contractor atrd subcontractor, the term Contractor in &is Bond shall bc dcamcd to bo Subconlractor and the term Ovrner shall be deemed to be ConEaotor. s-l852/As 8/10