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able to sureties as a defense in the jurisdiction of the suit tractor of any amounts received or to be received by <br /> shall be applicable. the Owner in settlement of insurance or other claims <br /> 10 Notice to the Surety,the Owner or the Contractor shall for damages to which the Contractor is entitled, re- <br /> be mailed or delivered to the address shown on the sig- duced by all valid and proper payments made to or on <br /> nature page. behalf of the Contractor under the Construction Con- <br /> tract. <br /> 11 When this Bond has been furnished to comply with a 12,2 Construction Contract:The agreement between <br /> statutory or other legal requirement in the location where the Owner and the Contractor identified on the sig- <br /> the construction was to be performed,any provision in this nature page, including all Contract Documents and <br /> Bond conflicting with said statutory or legal requirement changes thereto. <br /> shall be deemed deleted herefrom and provisions con- <br /> forming to such statutory or other legal requirement shall 12.3 Contractor Default: Failure of the Contractor, <br /> be deemed incorporated herein. The intent is that this which has neither been remedied nor waived, to per- <br /> Bond shall be construed as a statutory bond and not as a form or otherwise to comply with the terms of the <br /> common law bond. Construction Contract. <br /> 12 DEFINITIONS 12.4 Owner Default: Failure of the Owner,which has <br /> 12.1 Balance of the Contract Price: The total amount neither been remedied nor waived, to pay the Con- <br /> payable by the Owner to the Contractor under the tractor as required by the Construction Contract or to <br /> perform and complete or comply with the other terms <br /> Construction Contract after all proper adjustments thereof. <br /> have been made, including allowance to the Con- <br /> MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: <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: Signature: <br /> Name and Title: Name and Title: <br /> Address: Address: <br /> AIA DOCUMENT A312 - PERFORMANCE BOND AND PAYMENT BOND • DECEMBER 1984 ED. •AIA A <br /> THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W.,WASHINGTON, D.C. 20006 A312-1984 3 <br /> THIRD PRINTING•MARCH 1987 <br />