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CCP 11-29-1999
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CCP 11-29-1999
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<br />6 After the Owner has tenuinated the Contractor's right to <br />complete the Construction Contract, and if the Surety elects <br />to act under Subparagraph 4.],4.2, or 4.3 above, then the <br />responsibilities of the Surety to the Owner shall not he greater <br />than those of the Contractor under the Construction Contract, <br />and the responsibilities of the Owner to the Surety shall not <br />be greater than those of the Owner under 1I1e Construction <br />Contract. To the limit oflhe amount of this Bond, but subject <br />4.2 Undel1ake to perform and complete the Construction to commitment by the Owner of the Ba]ance of the Contract <br />Contract itself, through its agents or through independent Price to mitigation of costs and damages on the Construction <br /> <br />AlA DOCUMENT A312' PERFORMANCE BOND AND PAYMENT BOND' DECEMBER 1984 ED . AlA @. THE AMERICAN INSTITUTE O. <br />ARCHtTECTS, 1735 NEW YORK AVENUE. N.W., WASIIINGTON. D.C., 20006-5292 . THIRD PRINTING' MARCH 1987. WARNING; Unlicensed <br />photocopying viol(ltes U.s. copyright Jaws and is subject to legal proseclltion. This document was electronically produced with permission of the AlA and cun be <br />reproduced without violation until the dllte of expiration as noted below. <br />E]ectronic Format A312-1984 <br /> <br />User Document: HYDRO-PERf. DOC -- 111l51l999. AlA License Number 110988, which expires on 12/6/2000 -. Page #2 <br /> <br />party): <br /> <br />1 The Contractor and the Surety, jointly and severally, bind <br />themselves, their heirs~ executors, administrators, slIccessors <br />and assigns to the Owner for the performance of the <br />Construction Contract, which is incorporated herein by <br />reference. <br /> <br />2 If tbe Contractor performs the Construction Contract. the <br />Surety and the Contractor shall have no obligation under this <br />Bond, except to pm1icipate in conferences as provided in <br />Subparagraph 3.1. <br /> <br />3 ]f there is no Owner Defau]t, tbe Surety's ohligation <br />under this Bond shall arise after: <br /> <br />3.1 The Owner bas notified 1I1e Contractor and the <br />Surety at its address described in Paragrapb 10 below <br />that the Owner is considering declaring a Contractor <br />Default and has requested and attempted to arrange a <br />conference with the Contractor and the Surety to be be]d <br />not later than fifteen days after receipt of such notice to <br />discuss methods of performing the Construction <br />Contract. If the Owner, the Contractor and the Surety <br />agree, the Contractor shall. be allowed a reasonable time <br />to perform the Construction Contract, but such an <br />agreement shaH not waive the Owner's right, if any, <br />subsequently to declare a Contractor Default; and <br /> <br />3.2 The Owner has declared a Contractor Default and <br />formally terminated the Contractor's right to complete <br />the contract. Such Contractor Defau]t shall not be <br />declared earlier than twenty days after the Contractor and <br />the Surety have received notice as provided in <br />Sub-paragraph 3.1; and <br /> <br />3.3 111e Owner has agreed to pay the Balance of the <br />Contract Price to the Surety in accordance with the terms <br />of the Construction Contract or to a contractor selected to <br />perform the Construction Contract in accordance with the <br />terms of the contract with the Owner. <br /> <br />4 Wben the Owner bas satisfied the conditions of <br />Paragraph 3, the Surety shall promptly and at tbe Surety's <br />expense take one of the following actions: <br /> <br />4.1 Arrange for tbe <br />Owner, to perform <br />Contract; or <br /> <br />Contractor, with consent of the <br />and complete the Construction <br /> <br />contractors; or <br /> <br />e <br /> <br />4.3 Obtain bids or negotiated proposals from qualified <br />contractors acceptable to the Owner for a contract for <br />perfonnance and completion of the Construction <br />Contract, arrange for a contract to be prepared for <br />execution by the Owner and the contractor selected with <br />the Owner's concurrence, to be secured with performance <br />and payment bonds executed by a qualified surety <br />equivalent to the bonds issued on the Construction <br />Contract, and pay to the Owner the amount of damages <br />as described in Paragrapb 6 in excess of tbe Ba]ance of <br />the Contrac[ Price incurred by the Owner resulting from <br />the Contractorls default; or <br /> <br />4.4 Waive its right to perform and complete, arrange for <br />completion, or obtain a new contractor and with <br />reasonable promptness under the circumstances: <br /> <br />.1 <br /> <br />After investigation, determine tlle amount for <br />whicb it may be liable to the Owner and, as <br />soon as practicable after the amount is <br />determined, tender payment therefor to the <br />Owner; or <br /> <br />.2 <br /> <br />Deny liability in whole or in part and notify the <br />Owner citing reasons therefor. <br /> <br />5 If the Surety does not proceed as provided in Paragraph 4 <br />with reasonable promptness. the Surety shall be deemed to be <br />in default on this Bond fifteen days after receipt of an <br />additional written notice trom the Owner to the Surety <br />demanding that the Surety perform its obligations under this <br />Bond, and the Owner shall be entitled to enforce any remedy <br />available to the Owner. If the Surety proceeds as provided in <br />Subparagraph 4.4, and the Owner refuses the payment <br />tendered or the Surety has denied liability, in whole or in part, <br />without further notice the Owner shall be entitled to enforce <br />any remedy available to the Owner. <br />
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