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CONDITIONS <br />1. A claimant is defined as one having a direct contract <br />with the Principal or with a Subcontractor of the <br />Principal for labor, material, or both, used or <br />reasonably required for use in the performance of the <br />Contract, labor and material being construed to <br />include that part of water, gas, power, light, heat, oil, <br />gasoline, telephone service or rental of equipment <br />directly applicable to the Contract. <br />2. The above named Principal and Surety hereby jointly <br />and severally agree with the Owner that every <br />claimant as herein defined, who has not been paid in <br />full before the expiration of a period of ninety (90) days <br />after the date on which the last of such claimant's work <br />or labor was done or performed, materials were <br />furnished by such claimant may sue on this bond for <br />the use of such claimant, prosecute the suit to final <br />judgement for such sum or sums as may be justly due <br />claimant, and have execution thereon. The Owner <br />shall not be liable for the payment of any costs or <br />expenses of any such suit. <br />3. No suit or action shall be commenced hereunder by <br />any claimant. <br />a. Unless claimant, other than one having a direct <br />contract with the Principal, shall have given written <br />notice to any two of the following: The Principal, <br />the Owner, or the Surety above named, within <br />ninety (90) days after such claimant did or <br />performed the last of the work or labor, or furnished <br />the last of the materials for which said claim is <br />made, stating with substantial accuracy the <br />amount claimed and the name of the party to whom <br />the materials were furnished, or for whom the work <br />or labor was done or performed. Such notice shall <br />be served by mailing the same by registered mail <br />or certified mail, postage prepaid, in an envelope <br />addressed to the Principal, Owner or Surety, at any <br />place where an office is regularly maintained for <br />the transaction of business, or served in any <br />manner in which legal process may be served in <br />the state in which the aforesaid project is located, <br />save that such service need not be made by a <br />public officer. <br />b. After the expiration of one (1) year following the <br />date on which Principal released work on said <br />Contract, it being understood, however, that if any <br />limitation embodied in this bond is prohibited by <br />any law controlling the construction hereof such <br />limitation shall be deemed to be amended so as to <br />be equal to the minimum period of limitation <br />permitted by such law. <br />c. Otherthan in a state court of competent jurisdiction <br />in and for the county or other political subdivision <br />of the state in which the project, or any part thereof, <br />is situated, or in the United States District Court for <br />the district in which the project, or any part thereof, <br />is situated, and not elsewhere. <br />4. The amount of this bond shall be reduced by and to <br />the extent of any payment or payments made in good <br />faith hereunder, inclusive of the payment by Surety of <br />mechanics' liens which may be filed of record against <br />said improvement, whether or not claim for the amount <br />of such lien be presented under and against this bond. <br />NB 001104 22 Page 2 of 2 <br />1900 S 18th Avenue I West Bend, WI 53095 1 Phone: (800) 236-5010 1 Fax: (877) 674-2663 1 www.thesilverlining.com <br />