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1. Bidder and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, <br />successors, and assigns to pay tnOwner upon default of Bidder the penal sum set forth on the face <br />of this Bond. Payment of the penal sum is the extent of Bidder's and Surety's liability. Recovery of <br />such penal sum under the terms of this Bond will be Owner's sole and exclusive remedy upon <br />default ofBidder. <br />2. Default of Bidder occurs upon the failure of Bidder to deliver within the time required by the Bidding <br />Documents (or any extension thereof agreed to in writing by Owner) the executed Agreement <br />required by the Bidding Documents and any performance and payment bonds required by the <br />Bidding Documents. <br />3. This obligation will benull and void if: <br />31 Owner accepts Bidder's Bid and Bidder delivers within the time required by the Bidding <br />Documents (or any extension thereof agreed to in writing by Owner) the executed Agreement <br />required by the Bidding Documents and any performance and payment bonds required by the <br />Bidding Documents, or <br />3.2. All Bids are rejected byOwner, or <br />3.3. Owner fails to issue a Notice of Award to Bidder within the time specified in the Bidding <br />Documents (or any extension thereof agreed to in writing by Bidder and, if applicable, <br />consented tobySurety when required byParagraph 5hereof). <br />4. Payment under this Bond will be due and payable upon default of Bidder and within 30 calendar <br />days after receipt byBidder and Surety of written notice ofdefault from Owner, which notice will be <br />given with reasonable promptness, identifying this Bond and the Project and including a statement <br />of the amount due. <br />S. Surety waives notice of any and all defenses based on or arising out of any time extension to issue <br />Notice of Award agreed to in writing by Owner and Bidder, provided that the total time for issuing <br />Notice of Award including extensions does not in the aggregate exceed 120days from the Bid due <br />date without Surety's written consent. <br />6. No suit or action will be commenced under this Bond prior to 30ca|endar days after the notice of <br />default required in Paragraph above is received by Bidder and Surety, and in no case later than <br />one year after the Bid due date. <br />7. Any suit or action under this Bond will be commenced only in a court nfcompetent jurisdiction <br />located inthe state inwhich the Project is located. <br />B. Notices required hereunder must be in writing and sent to Bidder and Surety at their respective <br />addresses shown on the face of this Bond. Such notices may be sent by personal delivery, <br />commercial courier, or by United States Postal Service registered or certified mail, return receipt <br />requested, postage pre -paid, and will be deemed to be effective upon receipt by the party <br />concerned. <br />g. Surety shall cause to be attached to this Bond a current and effective Power of Attorney evidencing <br />the authority of the officer, agent, or representative who executed this Bond on behalf of Surety to <br />execute, seal, and deliver such Bond and bind the Surety thereby, <br />10. This Bond is intended to conform to all applicable statutory requirements. Any applicable <br />requirement ofany applicable statute that has been omitted from this Bond will be deemed to be <br />included herein as if set forth at length. If any provision of this Bond conflicts with any applicable <br />statute, then the provision of said statute governs and the remainder nfthis Bond that is not in <br />conflict therewith continues infull force and effect. <br />11. The term "Bid" as used herein includes a Bid, offer, or proposal as applicable. <br />EJCDC91C-43m,Bid Bond (Penal Sum Form) pOlOGdbiou 004313-2 <br />