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City of Everett 00 4313 -2 <br /> 2020 Biosolids Removal UT3705-11 <br /> conditions for release contained herein are satisfied or expressly waived in <br /> a writing signed by the City Attorney, ' <br /> It is expressly understood and agreed that; <br /> A. Bidder and Surety, jointly and severally, bind themselves, their heirs, executors, <br /> administrators, successors and assigns to pay to the City upon default of Bidder <br /> the penal sum set forth on the face of this Bond. <br /> B. Default of Bidder shall occur upon the failure of Bidder to deliver within the time <br /> required by the Bidding Documents the executed Agreement required by the <br /> Bidding Documents, any performance and payment bonds required by the Bidding <br /> Documents and Contract Documents,and evidence of insurance required by the ' <br /> Bidding Documents and Contract Documents. <br /> C. This obligation shall be null and void if: ' <br /> 1. City accepts Bidder's bid and Bidder delivers within the time required by the <br /> Bidding Documents (or any extension thereof agreed to in writing by City) ' <br /> the executed Agreement required by the Bidding Documents, any <br /> performance and payment bonds required by the Bidding Documents and <br /> Contract Documents, and evidence of insurance required by the Bidding <br /> Documents and Contract Documents, or <br /> 2. All bids are rejected byCity. <br /> Y <br /> D. Payment under this Bond will be due and payable upon default of Bidder and ' <br /> within thirty (30) calendar days after receipt by Bidder and Surety of written notice <br /> of default from the City, which notice will be given with reasonable promptness, <br /> identifying this Bond and the Project and including a statement of the amount due. <br /> E.• Surety waives notice of any arid all defenses based on or arising out of any time <br /> extension to issue notice of award agreed to in writing by City and Bidder, provided <br /> that the time for issuing notice of award including extensions shall not in the <br /> aggregate exceed one hundred twenty (120) days from Bid Due Date without <br /> Surety's written consent. <br /> F. No suit or action shall be commenced under this Bond prior to thirty (30) calendar , <br /> days after the notice of default required in paragraph 4 above is received by Bidder <br /> and Surety. Any suit or action under this bond must be instituted within the time <br /> period provided by applicable law. , <br /> 00 4313 - 2 BID SECURITY FORM <br />