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I. The CONTRACTOR anal the Surety,jointly and severally,bind themselves, 8. Amounts owed by the OWNER to the CONTRACTOR under the Contract shall
<br /> their heirs, executors, administrators, Successors and assigns to the be used for the performance of the Contract and to satisfy claims,if any,under any
<br /> OWNER to pay for labor, materials and equipment furnished for use in the Performance Bond. By the CONTRACTOR furnishing and the OWNER accepting
<br /> performance of the Contract,which is incorporated herein by reference. this BOND, they agree that all funds earned by the CONTR ACTOR in the
<br /> performance of the Contract are dedicated to satisfy obligations of the
<br /> 2. With respect to the OWNER, this obligation shall be null and void if the CONTRACTOR and the Surety under this Bond.subject to the OWNER's priority
<br /> CONTRA('I OR: to use the funds for the completion of the Work.
<br /> 2.1. Promptly makes payment, directly or indirectly, for all curie due 9. The Swety shall no be liable to the OWNER, Claimants or others for
<br /> Claimants,and obligations of the CONTRACTOR that arc unrelated to the Contract. The
<br /> OWNER stall not be liable for payment of any costs or expenses of any Claimant
<br /> 2.2. Defends,indemnifies and holds harmless the OWNER titan all claims, under this Bond,and shall have under this Bond no obligations to make payments
<br /> demands.liens or suits by any person or entity who furnished labor,nnterials or to,give notices on behalf of,or otherwise have obligations to Clainsmts mater this
<br /> equipment for use in the performance of the Contract,provided the OWNER Iraq Bond.
<br /> promptly notified the CONTRACTOR and the Surety(at the addresses descrbed in
<br /> paragraph 12)of any claims,demands,liens or suits and tendered defense of such 10. The Surety hereby waives notice of any change,including changes of time,to
<br /> claims,de-mencla,liens or suits to the CONTRACTOR and the Surety.and provided the Contract or to related Subcontracts,purchase orders and other obligations.
<br /> there is no OWNhK Default.
<br /> ?1. No suit or action shall be commenced by a Cl airrrsnt wider this Bend other than
<br /> 3. With respect to Claimants, this obligation shalt be null and void if the in a coed of tompetenr jurisdiction in the location in which the Work or part of the
<br /> CONTRACTOR pnanpty makes payment,directly or indirectly,for all sums due. Work is located or after the expiration of one year from the date(1)on which the
<br /> Claimant gave notice required by paragraph 4.1 or paragraph 42.3. or(2)on
<br /> 4. The Surety shalt have no obligation to Claimants under this Bond until: which the last labor or service was performed by anyone or the last materials or
<br /> equipment were Ramished by anyone under the Construction Contract,whichever of
<br /> 4.1. Claimants who are employed by OF leave It direct carnraCt with the (I)or(2)first occurs. If the provisions of this paragraph are void or prohibited by
<br /> CONTRACTOR lave given notice to the Surety (at the addresses described in haw, the minimum period taf limitation available to sureties as a defense in the
<br /> paragraph 12)and sent a copy,or notice thereof,to the OWNER,stating that a jurisdiction of the suit shall be applicable.
<br /> claim is being made uraicr this Rend and,with sul stantial accuracy,the amount of
<br /> the claim. 12. Notice to the Surety,the OWNER or the CONTRACTOR shell be mailed or
<br /> delivered to the addresses shown on the signature page. Actual receipt of notice by
<br /> 4.2. Claimants who do not have a direct contract with the CONTRACTOR: Surety, the OWNER or the CONTRACTOR, however aeoornplished, shall be
<br /> sufficient compliance as of the date received at the address shown on the signature
<br /> t. Have furnished written notice to the CONTRACTOR and pale,
<br /> sera a copy, car notice thereof,to the OWNER, within 90 days after having last
<br /> performed labor or last furnished materials or equipment included in the chum 13. When this Bond has been furnished to comply with a statutory or other legal
<br /> stating,with substantial accuracy,the amount of the claim and the name of the party requirement in the location where the Contract was tte be performed,any provision
<br /> to whom the materials were furnished or supplied or for whom the labor was done in this Band conflicting,with said statutory or legal requitement shall be deemed
<br /> or performed;and deleted hcreftom and provisions conforming to such statutory or other legal
<br /> requirement shalt be deemed incorporated herein. The intent is,that this Bond shall
<br /> 2 Have either received a rejection in whole or in part from the be construed as a statutory Bond and not as a common law bond.
<br /> CONTRACTOR,or riot received within 30 days of furnishing the above notice any
<br /> communication from the CONTRACTOR by which the CONTRACTOR had 14 Upon request of any person or entity appearing to be a potential beneficial),
<br /> indicated the claim will be paid directly or indirectly;and of this Bond,the CONTRACTOR shall promptly furnish a copy of this Bond or
<br /> shalt permit a copy to be made_
<br /> 3. Not having been paid within the above 30 days,have sent a
<br /> written notice to the Surety and sent a copy,or notice thereof to the OWNER, 15. DEFINITIONS
<br /> stating that a claim is being made under this Bond and enclosing a copy of the
<br /> previous written notice furnished to the CONTRACTOR. 15.1, Claimant: An individual or entity having a direct contract with the
<br /> CONTRACTOR or with a Subcontractor of the CONTRACTOR to varnish labor,
<br /> 5, If a notice required by paragraph 4 is given by the OWNER to the materials or equipment for use in the performance of the Contract. 'Ilse intent of
<br /> CONTRACTOR or to the Scatty,that is sufficient compliance. this Bond shall be to include without limitation in the terms"labor,materials or
<br /> equipment" that pun of water, gm. power, light, beat, nil. gasoline, telephone
<br /> 6. When the Claimant has satisfied the conditions of paragraph 4,the Surety shall service or rental equipment used in the Contract architectural and engineering
<br /> promptly and at the Surety's expense take the following actions: services required for performance of the Work of the CONTRACTOR, and the
<br /> CONTRACTOR'S Subcontractors,and all other Items for which a mechanic's lien
<br /> 6.l. Send)an answer to the Claimant,with in copy to the OWNER.within 45 may be asserted in the jurisdiction where the hahar,uatteriats or equipment were
<br /> days after receipt of the claim.stating the amounts that are undisputed and the basis furnished.
<br /> for challenging any amounts that are disputed.
<br /> 15.2. Contract: The agreement between the OWNER. and the
<br /> 6.2. Pay or arrange for payment of any undisputed amounts. CONTRACTOR identified on the signature page, including all Contract
<br /> Documents and changes thereto.
<br /> 7. Tie Surety's total obligation shall not exceed the amount of this Bond,and the
<br /> amount of this Bond shalt be credited for any payments made in good faith by the 15.3. OWNER. Defauh: Failure of the OWNER, which has neither been
<br /> Surety. remedied nor waived,to pay the CONTRACTOR as required by the Contract nr to
<br /> perform and complete or comply with the other terms thereof.
<br /> I
<br /> (FOR INFORMATION ONLY--Name,Address and Telephone)
<br /> AGENCY or BROKER: OWNER'S REPRESENTATIVE(Engineer or other panty):
<br /> •
<br /> BB&T Insurance Services, Inc.
<br /> 00620-2
<br /> 4400 Harding Road, Ste.400 Nashville,TN 37202-0139
<br /> ,
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