4.6 SR 03-20-2023 - Laserfiche WebLink

Home Browse Search

Houlton Conservation Area Bank Protection — Mississippi Site Elk River, Minnesota PROVIDED, that beneficiaries oY claimants heYeundeY shall be limited to the subcontractors, and persons, firms and corporations having a direct contract with the principal or its subcontractors. PROVIDED, FURTHER, that the said SuretyT for value received herebyT stipulates and agrees that no change, extension of time, alteYation or addition to the teYms of the contract oY to the Work to be performed thereunder oY the Contract Documents accompanyring the same shall in any way affect its obligation on this BOND, and it does herebyT waive notice of anyT such change, extension of time, alteration or addition to the teYms of the contract or to the WoYk or to the ContYact Documents. PROVIDED, FURTHER, that no suit or action shall be commenced hereunder by any claimant: (a) Unless the claimant, other than one having a direct contract with the Contractor, shall have given written notice to any two of the following. the Contractor, the Owner, or the SuretyT above named within ninetyr (90) days afteY such claimant did oY performed the last of the work or laboY, oY furnished the last of the materials for which said claim is made, stating with substantial accuracyT the amount claimed and the name of the parnT to whom the materials were furnished, or for whom the work or labor was done or performed. Such notice shall be served by mailing the same b�r registered mail or certified mail, postage prepaid, in an envelope addressed to the Contractor, O�vner, or Suret�r, at any place where an office is regularlyT maintained for the transaction of business, or served in anyT manner in which legal process may be served in the state in which the afoYesaid pYoject is located, save that such service need not be made by a public officer. (b) After the expiration of two (2) years follo�ving the date of which Contractor ceased work on said Contract, it being understood, ho`vever, that if any limitation embodied in the Bond is prohibited by an�T la`v controlling the construction hereof, such limitation shall be deemed to be amended so as to be equal to the minimum period of limitation permitted byT such law. PROVIDED, FURTHER, that it is expresslyT agreed that the Bond shall be deemed amended automatically and immediately, without formal and separate amendments hereto, upon amendment to the Contract not increasing the contract price more than 20 peYcent, so as to bind the ContractoY and SuretyT to the full and faithful performance of the Contract as so amended. The term "Amendment", `vherever used in this Bond, and `vhether referring to this Bond, the Contract or the Loan Documents shall include anyT alteration, addition, extension, or modification of an�T character �uhatsoever. PROVIDED, FURTHER, that no final settlement between the Owner and the Contractor shall abridge the right of an�T beneficiaryT hereunder, `vhose claim mayT be unsatisfied. Payment Bond