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Section 00 43 13 <br /> Bid Security Form <br /> It is expressly understood and agreed that: ' <br /> 1. Bidder and Surety,jointly and severally,bind themselves,their heirs,executors,administrators, <br /> successors and assigns to pay to the City upon default of Bidder the penal sum set forth on the <br /> face of this Bond. <br /> 2. Default of Bidder shall occur upon the failure of Bidder to deliver within the time required by the 1 <br /> Bidding Documents the executed Agreement 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 /> 3. This obligation shall be null and void if: <br /> 3.1 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 City) the executed <br /> Agreement 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 /> 32 All bids are rejected by City. <br /> 4. 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 /> 5. Surety waives notice of any and all defenses based on or arising out of any time extension to <br /> issue notice of award agreed to in writing by City and Bidder, provided that the time for issuing <br /> notice of award including extensions shall not in the aggregate exceed one hundred twenty(120) <br /> days from Bid Due Date without Surety's written consent. <br /> 6. No suit or action shall be commenced under this Bond prior to thirty(30)calendar days after the ' <br /> 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 /> 7. 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 /> 8. 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 /> 9, 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 <br /> Surety to execute and deliver such Bond and bind the Surety thereby. ' <br /> Phil Johnson Ballfleids Renovation 2 of 3 <br /> 1 <br />