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B. Default of Bidder shall occur upon the failure of Bidder to deliver within the time required by <br />the bidding documents the executed Contract required by the bidding documents, any <br />performance and payment bonds required by the bidding documents and Contract Documents, <br />and evidence of insurance required by the 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 by the bidding <br />documents (or any extension thereof agreed to in writing by the City) the executed <br />Contract required by the bidding documents, any performance and payment bonds <br />required by the bidding documents and Contract Documents, and evidence of insurance <br />required by the bidding 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 within thirty <br />(30) calendar days after receipt by Bidder and Surety of written notice of default from the City, <br />which notice will be given with reasonable promptness, identifying this Bond and the Project and <br />including a statement of the amount due. <br />E. Surety waives notice of any and all defenses based on or arising out of any time extension <br />to issue notice of award agreed to in writing by the City and Bidder, provided that the time for <br />issuing notice of award including extensions shall not in the aggregate exceed one hundred <br />twenty (120) days from Bid Due Date without Surety's written consent. <br />F. No suit or action shall be commenced under this Bond prior to thirty (30) calendar days after <br />the notice of default required in paragraph 4 above is received by Bidder and Surety. Any suit or <br />action under this bond must be instituted within the time period provided by applicable law. <br />G. The laws of the State of Washington shall apply to the determination of the rights and <br />obligations of the parties hereunder. Venue for any dispute or claim hereunder shall be the state <br />courts of Washington in Snohomish County, Washington. <br />H. Notice required hereunder shall be in writing 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 United States Registered or Certified Mail, return receipt requested, <br />postage prepaid, and shall be deemed to be effective upon receipt by the party concerned. <br />I. Surety shall cause to be attached to this Bond current and effective Power of Attorney <br />evidencing authority of the officer, agent or representative to execute this Bond on behalf of Surety <br />to execute and deliver such Bond and bind the Surety thereby. <br />J. This Bond is intended to conform to all applicable statutory requirements. Any applicable <br />requirement of any applicable statute that has been omitted from this Bond shall be deemed to <br />be included herein as if set forth at length. If any provision of the Bond conflicts with any applicable <br />provision of any applicable statue, then the provision of said statue shall govern and the remainder <br />of this Bond that is not in conflict therewith shall continue in full force and effect. <br />K. The term "bid" as used herein includes a bid, offer or proposal as applicable. <br />BIDDER <br />Bidder's Name <br />SURETY <br />(seal) <br />Surety's Name and Corporate Seal <br />Reservoir 3 Replacement Phase 1 <br />Work Order No. UP3739 <br />BID SECURITY FORM <br />00 43 13 <br />March 2024 <br />