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PENAL SUM FORM <br /> ' 1. Bidder and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, <br /> successors, and assigns to pay to Owner upon default of Bidder the penal sum set forth on the face of <br /> this Bond. Payment of the penal sum is the extent of Bidder's and Surety's liability. Recovery of such <br /> ' penal sum under the terms of this Bond shall be Owner's sole and exclusive remedy upon default of <br /> Bidder. <br /> 2. Default of Bidder shall occur upon the failure of Bidder to deliver within the time required by the <br /> Bidding Documents (or any extension thereof agreed to in writing by Owner)the executed Agreement <br /> required by the Bidding Documents and any performance and payment bonds required by the Bidding <br /> Documents. <br /> 3. This obligation shall be null and void if: <br /> ' 3.1 Owner accepts Bidder's Bid and Bidder delivers within the time required by the Bidding <br /> Documents (or any extension thereof agreed to in writing by Owner) the executed Agreement <br /> required by the Bidding Documents and any performance and payment bonds required by the <br /> Bidding Documents,or <br /> 3.2 All Bids are rejected by Owner, or <br /> 3.3 Owner fails to issue a Notice of Award to Bidder within the time specified in the Bidding <br /> Documents (or any extension thereof agreed to in writing by Bidder and, if applicable, consented to <br /> ' by Surety when required by Paragraph 5 hereof). <br /> 4. Payment under this Bond will be due and payable upon default of Bidder and within 30 calendar <br /> days after receipt by Bidder and Surety of written notice of default from Owner, which notice will be <br /> given with reasonable promptness, identifying this Bond and the Project and including a statement of the <br /> amount due. <br /> ' 5. Surety waives notice of any and all defenses based on or arising out of any time extension to issue <br /> Notice of Award agreed to in writing by Owner and Bidder, provided that the total time for issuing <br /> Notice of Award including extensions shall not in the aggregate exceed 120 days from Bid due date <br /> without Surety's written consent. <br /> ' 6, No suit or action shall be commenced under this Bond prior to 30 calendar days after the notice of <br /> default required in Paragraph 4 above is received by Bidder and Surety and in no case later than one <br /> year after Bid due date. <br /> 7. Any suit or action under this Bond shall be commenced only in a court of competent jurisdiction <br /> located in the state in which the Project is located. <br /> 8. Notices required hereunder shall be in writing and sent to Bidder and Surety at their respective <br /> addresses shown on the face of this Bond. Such notices may be sent by personal delivery, commercial <br /> courier, or by United States Registered or Certified Mail, return receipt requested,postage pre-paid,and <br /> shall be deemed to be effective upon receipt by the party concerned. <br /> 9. Surety shall cause to be attached to this Bond a current and effective Power of Attorney evidencing <br /> the authority of the officer, agent, or representative who executed this Bond on behalf of Surety to <br /> execute,seal,and deliver such Bond and bind the Surety thereby. <br /> ' EJCDC 4430 Bid Bond(Penal Sum Form) <br /> Prepared by the Engineers Joint Contract Documents Committee. <br /> Page Z or 3 <br /> 00430.2 <br />