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I , <br /> Ii <br /> A r i <br /> I F,i • <br /> City of Everett00 4313-2 <br /> Diversion Dam Road Phase.3' UT 3707-ei UT 3708 <br /> 1 ..• <br /> it is expressly uridersteedand agreed:that: • <br /> . , 1. 'Bidder and.S urety jointly and.severally,bind:theniselves,their heirs,.executors, <br /> I . <br /> administrators,successors and assigns to pay to the City upon default of Bidder the penal. <br /> , <br /> Isum'set forth on the face of this Bond.. <br /> I . <br /> I <br /> 2. Defaultof Bidder shall occur upon the failure of Bidder todeliver within the time required • <br /> 1 by the,Bidding Rocumegts'the.execUted Agreement required by the Bidding Documents, <br /> any perfornTance.and::payment bonds-required by the-Bidtting,Documents and Contract <br /> I ' Documents,and evidence of insurance'required.by the Bidding.Documents and Contract <br /> '. Documents, <br /> I <br /> 3. This obligation shall be null and void if: <br /> 1i <br /> 3.1. City accepts gidcier's bid and :Biddei deliy2r§ within the time required by the <br /> idding'Pediments (or any extension thereof agreed to in writing by City)the <br /> Agreement,required by the'Bidding Documents, any perfotrtiancp and <br /> Iexecuted <br /> ` I• payment bonds required by the Bidding Documents and Contract Documents,,and <br /> evidence. of insurance required by the bidding Documents and Contract <br /> Documents, or: <br /> I <br /> ---- � <br /> 3:2.. All bids are-rejected by City. <br /> 4. Payment under this Bond will be.due and payable upon default of Bidder and within thirty <br /> I <br /> ` 1's (30).calendar days.after receipt by Biddet anti Surety-of written notice of defaultfrom the <br /> City,which notice Will be given•with reasonable promptness,Identifying this Bond and the: <br /> Project and including a statement of the amount due. <br /> I5; Surety waives notice of any and sll de#enses.based on or arising out of anytime extension <br /> to issue notice of award egreed to in wilting by City and Bidder, provided that the time for <br /> issuing notice of award including extensions shall not in the aggregate exceed one <br /> I <br /> hundred twenty(120)days from Bid Due Data without Srirety's written consent. <br /> i <br /> `i 6., Na suit or action shall be commenced under this Bond prior to thirty(30)ceiendai'days. <br /> I <br /> , after the notice of default required;in paragraph 4 above is received by Bidder and Surety. <br /> Any suitor action tinder,this bond must be instituted within the time periodprovided by <br /> i applicable law. <br /> i <br /> I 'I 7: The laws of the State of Washington shall apply to•the determinatiorf of the rights and <br /> obligations cif the-parties hereunder. Venue for any dispute or claim hereunder shall be <br /> ` the state courts of Washington in Snohomish County,Washington. <br /> Ii . <br /> I; <br /> f 014313-2. BID SECURITY FORM <br /> I -1.11 <br /> 1 <br /> i . <br /> I i <br /> Y_rot ,.ed to Blinders Exchange of tik inc. For usage Condttfons Agreement sae. wW.oxaa.eom - Always verify scat <br /> iii <br /> 1 _ _ _ . -- <br />