2.6. ERMUSR 03-15-2016 - Laserfiche WebLink

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11. Any proceeding, legal or equitable, under this Bond may be 14.2 Construction Contract: The agreement between the instituted in any court of competent jurisdiction in the location in Owner and Contractor identified on the cover page,Including all which the work or part of the work is located and shall be instituted Contract Documents and changes made to the agreement and within two years after a declaration of Contractor Default or within the Contract Documents. two years after the Contractor ceased working or within two years after the Surety refuses or fails to perform its obligations under this 14.3 Contractor Default failure of the Contractor, which Bond,whichever occurs first, If the provisions of this paragraph are has not been remedied or waived, to perform or otherwise to void or prohibited by law, the minimum periods of limitations comply with a material term of the Construction Contract. available to sureties as a defense in the jurisdiction of the suit shall be applicable. 14.4 Owner Default Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required 12. Notice to the Surety, the Owner, or the Contractor shall be under the Construction Contract or to perform and complete or mailed or delivered to the address shown on the page on which their comply with the other material terms of the Construction signature appears. Contract 13. When this Bond has been furnished to comply with a statutory 14.5 Contract Documents:All the documents that comprise or other legal requirement In the location where the construction was the agreement between the Owner and Contractor. to be performed, any provision in this Bond conflicting with said statutory or legal requirement shall be deemed deleted herefrom and 15, if this Bond is issued for an agreement between a contractor and provisions conforming to such statutory or other legal requirement subcontractor,the term Contractor in this Bond shall be deemed to shall be deemed incorporated herein. When so furnished,the intent be Subcontractor and the term Owner shall be deemed to be is that this Bond shall be construed as a statutory bond and not as a Contractor. common law bond. 16. Modifications to this Bond are as follows: 14. Definitions 14.1 Balance of the Contract Price: The total amount payable by the Owner to the Contractor under the Construction Contract after all proper adjustments have been made including allowance for the Contractor for any amounts received or to be received by the Owner in settlement of insurance or other claims for damages to which the Contractor is entitled,reduced by all valid and proper payments made to or on behalf of the Contractor under the Construction Contract. EJCDO C-61O,Performance Bond Copyright 0 3013 National Society of Professional Engineers,American Council of Engineering Companies, and American Society of Civil Engineers.All rights reserved. 3 of 3 119