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Contractor, shall forthwith pay the Owner all <br /> increase in cost or loss and damage which it may <br /> sustain on account of such default on the part of <br /> the Contractor. <br /> 3. The Owner hereby agrees to pay to the Contractor <br /> for the faithful performance of this Agreement, and <br /> the payment of all sums due for labor and materials <br /> in lawful money of the United States, fifteen <br /> thousand nine hundred dollars ($15,900) . Owner <br /> hereby agrees to assume liability, obligations and <br /> duties of a surety as provided in N.C. General <br /> Statutes, Section 143-129 and Article 3 of Chapter <br /> 44A of the North Carolina General Statutes. The <br /> obligation of Owner as surety as described herein <br /> is, however, limited in amount to $15 ,900 as <br /> prescribed by law. <br /> Summary of Contract Award: <br /> 4. The Owner will accept from the Contractor a <br /> certified check for 100% of the contract amount in <br /> lieu of a performance bond and labor and materials <br /> bond. Said check to be deposited in bank account <br /> of the Owner and returned to the Contractor with <br /> interest upon completion, final inspection and <br /> acceptance of the Carr Building Renovation by the <br /> Owner. Interest to be paid at a rate equal to the <br /> monthly average paid on county funds in its <br /> time-open account. <br /> 5. Within thirty (30) days after the following events <br /> have occurred, payment of the contract price of <br /> $15,900 shall be made: <br /> 1. ) Submission by the Contractor of evidence <br /> satisfactory to the Owner that all payrolls, <br /> material bills and other costs incurred by <br /> the Contractor in connection with the <br /> construction of the work have been paid in <br /> full , <br /> 2. ) Contractor has completed all work covered by <br /> this Agreement and <br /> 3. ) Owner has accepted the work . <br /> 6. It is further mutually agreed between the parties <br /> hereto that if at any time after the execution of <br /> this Agreement the Owner shall deem for any <br /> reason, that Bonds or instruments submitted in lieu <br /> of said bonds, cease to be adequate to cover the <br /> performance of the work , the Contractor shall, at <br /> its expense, within five (5) days after the receipt <br /> of notice from the Owner so to do, furnish an <br /> additional Bond or certified check in such form and <br /> amount, and with such Surety or Sureties as shall <br /> be satisfactory to the Owner. In such event no <br />