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CCP 11-29-1999
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CCP 11-29-1999
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<br />e <br /> <br />Contract, the Surety is obligated without duplication for: <br /> <br />6.1 The responsibilities of the Contractor for ClJrrection <br />of defective work and completion of the Construction <br />Contract; <br /> <br />6.2 Additional legal, design professional and delay costs <br />resulting from the Contractor's Default, and resulting <br />from the actions or failure to act of the Surety under <br />Paragraph 4; and <br /> <br />6.3 Liquidated damages, or ifno liquidated damages are <br />specified in the Construction Contract, actual damages <br />caused by delayed performance or non-performance of <br />the Contractor. <br /> <br />7 The Surety shall not be liable to the Owner or others for <br />obligations of the Contractor that are unrelated to the <br />Construction Contract, and the Balance of the Contract Price <br />shall not be reduced or set off on account of any such <br />unrelated obligations. No right of action shall accrue on this <br />Bond to any person or entity other than the Owner or its heirs, <br />executors, administrators or successors. <br /> <br />8 The Surety hereby waives notice of any change, <br />including changes of time, to the Construction Contract or to <br />related subcontracts) purchase orders and other obligations. <br /> <br />9 Any proceeding, legal or equitable, under this Bond may <br />A be instituted in any court of competent jurisdiction in the <br />.. location in which the work or part of the work is located and <br />shall be instituted within two years after Contractor Default <br />or within two years after the Contractor ceased working or <br />within two years after ~le Surety refuses or fails to perform <br />its obligations under this Bond, whichever occurs first. If the <br />provisions of this Paragraph are void or prohibited by law, <br />the minimum period of limitation available to sureties as a <br />defense in the jurisdiction of the suit shall be applicable. <br /> <br />10 Notice to ~le Surety, the Owner or the Contractor shall <br />be mailed or delivered to the address shown on the signature <br /> <br />MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: <br /> <br />page. <br /> <br />11 When this Bond has been furnished to comply with a <br />statutory or other legal requirement in the location where the <br />construction was to be performed, any provision in this Bond <br />conflicting with said statutory or legal requirement shall be <br />deemed deleted here from and provisions conforming to soch <br />statutory or other legal requirement shall be deemed <br />incorporated herein. The intent is that this Bond shall be <br />construed as a statutory bond and not as a common law bond. <br /> <br />12 DEFINITIONS <br /> <br />12.1 Balance of the Contract Price: The total amount <br />payable by the Owner to ~le Contractor under the <br />Construction Contract after all proper adjustments have <br />been made, including allowance to the Contractor of any <br />amounts received or to be received by the Owner in <br />settlement of insurance or other claims for damages to <br />which the Contractor is entitled, reduced by all valid and <br />proper payments made to or on behalf of the Contractor <br />under the Construction Contract <br /> <br />12.2 Construction Contract: The agreement between <br />the Owner and the Contractor identified on the signature <br />page, including all Contract Documents and changes <br />thereto. <br /> <br />12.3 Contractor Default Failure of the Contractor, <br />which has neither been remedied nor waived, to perform <br />or otherwise to comply with tlle terms of tile <br />Construction Contrac!. <br /> <br />12.4 Owner Default Failure of tile Owner, which has <br />neither been remedied nor waived, to pay the Contractor <br />as required hy the Construction Contract or to perform <br />and complete or comply with the other terms thereof. <br /> <br />(Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) <br /> <br />CONTRACTOR AS PRINCIPAL <br />Company: <br /> <br />(Corporate Seal) <br /> <br />Signature: <br />Name and Title: <br /> <br />SURETY <br /> <br />.AIA DOCUMENT Al12' PERFORMA.NCE BOND AND PAYMENT BOND. DECEMBER 1984 ED. . AlA @. THE AMERICAN INSTITUTE OF <br />ARCIIITECTS, 1735 NEW YORK AVENUE, N.W., WASHINGTON, DC., 20006-5292 . THIRD PRINTING' MARCH 1987. WARNING; Unlicensed <br />photocopying violates U.S. copyright laws and is subject to legal pros.ecution. This document was e1ectronicaUy produccd with pennission of the AlA and can be <br />reproduced without violation unlillhe date of expiration as noted below. <br />Electronic Format A312.i984 <br /> <br />User Document HYDRO-PERF.DOC -- 111l5!l999. AlA License Number 110988, whicil expires on 12/6/2000 -- Page #3 <br />
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