2016/04/06 Council Agenda Packet

i 9 payment bonds required by the Bidding Documents and Contract Documents, and evidence of insurance required by the Bidding Documents and Contract Documents. 3, This obligation shall be null and void if: 3.1. City accepts Bidder's bid and Bidder delivers within the time required by the. Bidding Documents (or any extension thereof agreed to in writing by City) the executed Agreement required by the Bidding Documents, any performance and payment,bonds required by the Bidding Documents and Contract Documents, and evidence of insurance required by the Bidding Documents and Contract Documents,or 3.2. All bids are rejected by City, or 4. Payment under this Bond will be due and payable upon default of Bidder and within thirty (30) calendar days after receipt by Bidder and Surety of written notice of default from the City, which notice will be given with reasonable:promptness,identifying this Bond and the Protect and including a statement of,the annount due. 5. surety Waives notice of any and all defenses based on or arising out of any time extension to issue notice.of award agreed to in writing by City and Bidder,.provided that-the.time for issuing notice of`award including extensions shall not in the aggregate exceed one hundred twenty.(120) days from Bid Due Date without Surety's-written.consent. 6. No suit or action shall be commenced under this Bond prior to tl irty(30) calendar`days alter the:notice of default required:in paragraph 4 above is.received by Bidder and..Surety Any suit or action under this bond must be'institutedd within the time period provided by applicable law. 7. The laws of the State of Washington shall apply to the determination of the rights and obligations of the parties hereunder. Venue for any dispute,or claim hereunder shall be the state-'courts of Washington,in Snohornish..County, Washington. 8. Notice required hereunder shall be in writing sent to Bidder and Surety at their respective addresses shown on the face of this Bond. Such notices may be sent by personal delivery, commercial courier or United States Registered or Certified Mail, return receipt requested, postage prepaid, and shall be deemed to be effective upon receipt by the party concerned. 9. Surety shall cause to be attached to this Bond current and effective Power of Attorney evidencing authority of the officer, agent or representative to execute this Bond on behalf of Surety to execute and deliver such Bond and bind the Surety thereby. 10. This Bond is intended to conform to all applicable statutory requirements. Any applicable requirement of any applicable statute that has been omitted from this Bond shall be deemed to be included herein as if set forth at length. If any provision of the Bond conflicts with any applicable provision of any applicable statue, then the provision of said statue shall govern and the remainder of this Bond that is not in conflict therewith shall continue in full force and effect.