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10 Notice to the Surety, the Owner or the Contractor shall <br />be mailed or delivered to the address shown on the <br />signature page. <br />11 When this Bond has been furnished to comply with a <br />statutory or other legal requirement in the location where <br />the construction was to be performed, any provision in this <br />Bond conflicting with said statutory or legal requirement <br />shall be deemed deleted herefrom and provisions <br />conforming to such statutory or other legal requirement <br />shall be deemed incorporated herein. The intent is that <br />this Bond shall be construed as a statutory bond and not <br />as a common law bond. <br />12 DEFINITIONS <br />12.1 Balance of the Contract Price: The total amount <br />payable by the Owner to the Contractor under <br />the Construction Contract after all proper <br />adjustments have been made, including <br />allowance to the Contractor of any amounts <br />received or to be received by the Owner in <br />MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: <br />settlement of insurance or other claims for <br />damages to which the Contractor is entitled, <br />reduced by all valid and proper payments made <br />to or on behalf of the Contractor under the <br />Construction Contract. <br />12.2 Construction Contract: The agreement between <br />the Owner and the Contractor identified on the <br />signature page, including all Contract Documents and <br />changes thereto. <br />12.3 Contractor Default: Failure of the Contractor, <br />which has neither been remedied nor waived, to <br />perform or otherwise to comply with the terms of the <br />Construction Contract. <br />12.4 Owner Default: Failure of the Owner, which has <br />neither been remedied nor waived, to pay the <br />Contractor as required by the Construction Contract or <br />to perform and complete or comply with the other <br />terms thereof. <br />(Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) <br />CONTRACTOR AS PRINCIPAL SURETY <br />Company: (Corporate Seal) Company: (Corporate Seal) <br />Signature: <br />Name and Title: <br />Address: <br />Signature: <br />Name and Title: <br />Address: <br />AIA DOCUMENT A312 • PERFORMANCE BOND AND PAYMENT BOND • DECEMBER 1984 ED. •AIA <br />THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W., WASHINGTON, D.C. 20006 A312-1984 <br />THIRD PRINTING • MARCH 1987 <br />