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City of Everett 00 43 13 - 2 <br />Port Gardner Storage Facility - Facility Construction Package WO# UP-3525 <br />00 43 13 - 2 BID SECURITY FORM <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 the <br />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 documents <br />and Contract Documents, and evidence of insurance required by the bidding <br />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 <br />bidding documents (or any extension thereof agreed to in writing by the City) the <br />executed Contract required by the bidding documents, any performance and <br />payment bonds required by the bidding documents and Contract Documents, <br />and evidence of insurance required by the bidding documents and Contract <br />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 <br />thirty (30) calendar days after receipt by Bidder and Surety of written notice of default <br />from the City, which notice will be given with reasonable promptness, identifying this <br />Bond and the Project and 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 <br />extension to issue notice of award agreed to in writing by the City and Bidder, provided <br />that the time for issuing notice of award including extensions shall not in the aggregate <br />exceed one hundred twenty (120) days from Bid Due Date without Surety's written <br />consent. <br />F. No suit or action shall be commenced under this Bond prior to thirty (30) calendar days <br />after the notice of default required in paragraph 4 above is received by Bidder and <br />Surety. Any suit or action under this bond must be instituted within the time period <br />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 <br />the state courts of Washington in Snohomish County, Washington. <br />H. Notice required hereunder shall be in writing sent to Bidder and Surety at their <br />respective addresses shown on the face of this Bond. Such notices may be sent by <br />personal delivery, commercial courier or United States Registered or Certified Mail, <br />return receipt requested, postage prepaid, and shall be deemed to be effective upon <br />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 <br />behalf of Surety to execute and deliver such Bond and bind the Surety thereby.