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City of Everett 00 4313 - 2 <br /> 2022 Tulalip Water Pipeline Mortar Repair UT 3774 <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 Contract required by the bidding <br /> 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. The City accepts Bidder's bid and Bidder delivers within the time required <br /> by the bidding documents (or any extension thereof agreed to in writing by <br /> the City) the executed Contract 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 by the City. <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 <br /> due. <br /> E. Surety waives notice of any and all defenses based on or arising out of any time <br /> extension to issue notice of award agreed to in writing by the City and Bidder, <br /> provided that the time for issuing notice of award including extensions shall not <br /> in the aggregate exceed one hundred twenty (120) days from Bid Due Date <br /> without 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 <br /> Bidder and Surety. Any suit or action under this bond must be instituted within ' <br /> the time period provided by applicable law. <br /> G. The laws of the State of Washington shall apply to the determination of the rights I <br /> and obligations of the parties hereunder. Venue for any dispute or claim <br /> hereunder shall be the state courts of Washington in Snohomish County, <br /> Washington. , <br /> 00 4313 - 2 BID SECURITY FORM <br />