Signed Contract - Laserfiche WebLink

Home Browse Search

furnished for use in the performance ofthe Construction Contract, then the Surety and the Contractor shall have no obligation under this Bond. $ 3 If there is no Owner Default under the Construction Contract, the Surety's obligation to the Owner under this Bond shall arise after the owner has promptly notified the contractor and the Surety (at the address described in Section 13) of claims, demands, liens or suits against ti,ebwne, or the Owner's property by any person or entity seeking payment for labor, materials or equipment furnished fir use in the performance of the ionstruction contract and tendered defense of such claims' demands, liens or suits to the Contractor and the Surety. $ 4 When the Owner has satisfied the conditions in Section 3, the Surety shall promptly and at the Surety's expense defend, indemnifi and hold harmless the Owner against a duly tendered claim, demand, lien or suit. $ 5 The Surety's obligations to a Claimant under this Bond shall arise after the following: $ 5.1 Claimants, who do not have a direct contract with the Contractor, .i have furnished a written notice of non-payment to the Contractor, stating with substantial accuracy the amount claimed and the name of the party to wtrom ttre materials were, or equipment was, furnished or supplied or for whom the labor was done or performed, within ninety (90) days after having last performed labor or last furnished materials or equipment included in the Claim; and ,2 have sent a Claim to the Surety (at the address described in Section 13). $ 5.2 Claimants, who are employed by or have a direct contract with the Contractor, have sent a Claim to the Surety (at the address described in Section l3). $ 6 If a notice of non-payment required by Section 5.1. I is given by the Owner to the Contractor, that is sufficient to satisf, a Claimant's obligation to furnish a written notice of non-payment under Section 5 ' I ' 1 . $ 7 When a Claimant has satisfied the conditions of Sections 5 .1 or 5.2, whichever is applicable, the Surety shall promptly and at the Surety's expense take the following actions: $ 7,1 Send an answer to the Claimant, with a copy to the Owner, within sixty (60) days after receipt of the Claim, stating the imounts that are undisputed and the basis for challenging any amounts that are disputed; and $ 7.2 Pay or arrange for payment ofany undisputed amounts. $7.3 The Surety's failure to discharge its obligations under Section 7.1 or SectionT.2 shall not be deemed to constitute a waiver of defenses the Surety or Coniractor may have or acquire as to a Claim, except as to undisputed amounts for which the Surety and Claimant have reached agreement. If, ho*ru"t, the Surety fails to discharge its obligations under Section 7'l or Section 7.2,the Surety shall indemnifi the Claimant for the reasonable attorney's fees the Claimant incurs thereafter to recover any sums found to be due and owing to the Claimant. $ g The Surety's total obligation shall not exceed the amount of this Bond, plus the amount of reasonable attorney's fees irovided under Section 7 3landthe amount of this Bond shall be credited for any payments made in good faith by the Surety' $ 9 Amounts owed by the Owner to the Contractor under the Construction Contract shall be used for the performance of the Construction Contract and to satisfi claims, if any, under any construction performance bond. By the Contractor furnishing and the Owner accepting this Bond, they agree that all funds earned by the Contractor in the performance of the Construction Contract are dedicated to satisfu obligaiions of the Contractor and Surety under this Bond, subject to the Owner's priority to use the funds for the completion of the work. $ i0 The Surety shall not be liable to the Owner, Claimants or others for obligations of the Contractor that are unrelated to the Construction Contract. The Owner shall not be liable for the payment of any costs or expenses of any Claimant under this Bond, and shall have under this Bond no obligation to make payments to, or give notice on behalf of, Claimants or otherwise have any obligations to Claimants under this Bond. $ 11 The Surety hereby waives notice of any change, including changes of time, to the Construction Contract or to related subcontracts, purchase orders and other obligations. The Company executing this bond vouches that this edition document conforms to American lnstitute of Architects Document A31 2, 2010 2