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City Hall Reroof <br />Elk River, Minnesota <br />b) If said BID shall be accepted and the Principal shall execute and deliver a contract in <br />the Form of Contract attached hereto (properly completed in accordance with said <br />BID) and shall furnish a BOND for his faithful performance of said contract, and for <br />the payment of all persons performing labor or furnishing materials in connection <br />therewith, and shall in all other respects perform the agreement created by the <br />acceptance of said BID, then this obligation shall be void, otherwise the same shall <br />remain in force and effect; it being expressly understood and agreed that the liability <br />of the Surety for any and all claims hereunder shall, in no event, exceed the penal <br />amount of this obligation as herein stated. <br />The Surety, for value received, hereby stipulates and agrees that the obligations of said Surety and its <br />BOND shall be in no way impaired or affected by any extension of the time within which the <br />OWNER may accept such BID; and said Surety does hereby waive notice of any such extension. <br />IN WITNESS WHEREOF, the Principal and the Surety have hereto set their hands and seals, and <br />such of them as are corporations have caused their corporate seals to be hereto affixed and these <br />presents to be signed by their proper officers, the day and year first set forth above. <br />Principal <br />Surety <br />M. <br />Note: Date of Bond must not be prior to date of Contract. If Contractor is partnership, all partners <br />should execute Bond. <br />Important: Surety companies executing Bonds must appear on the Treasury Department's most <br />current list (Circular 570 as amended) and be authorized to transact business in the <br />state where the project is located. <br />End of Section <br />BID BOND 00430 - 2 <br />