CCP 11-29-1999 - Laserfiche WebLink

Home Browse Search

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