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13 <br />upon fifteen (15) days notice, sent by certified mail, return <br />receipt requested, to the Party of the First Part and his Surety, <br />declare this Contract in default, and, thereupon, such Surety <br />shall promptly take over the said work and complete the perfor- <br />mance of this Contract in the manner and within the time above <br />specified, and all funds due or to become due to the Party of the <br />First Part shall be paid to the Surety. In the event the Surety <br />shall fail to take over the work to be done under this Contract <br />within fifteen (15) days after being so notified and notify the <br />Party of the Second Part in writing, sent by certified mail, <br />return receipt requested, that he is taking the same over and <br />stating that he will diligently pursue and complete the same, the <br />Party of the Second Part shall have the right to let the work <br />remaining to be done to some other Contractor, either by public <br />letting or negotiation, and thereupon the Party of the First Part, <br />the Contractor, and the Surety on his Bond shall forthwith pay the <br />Party of the Second Part all increase in cost or loss and damage <br />which it may sustain on account of such default on the part of the <br />Party of the First Part. <br />w <br />3. The Party of the Second. Part hereby agrees to pay to the <br />Party of the First Part for the faithful performance of this <br />Agreement, subject to additions and deductions as provided in the <br />specifications or ro osal, i 11awfp, m e of he ni ed <br />as follows: One Nnared and fifty -eight �io�sand ive iuntdred and <br />ninety -five do_ ars. ^^ _ _ (S ; <br />Summary of Contract Award: <br />4. On or before the 20th day of each calendar month, the <br />Party of the Second Part.shall make payments to the Party of the <br />First Part on the basis of a duly certified and approved estimate <br />of work performed during the preceding calendar month by the First <br />Party, less five percent (5 %) of the amount of such estimate which <br />is to be retained by the Second Party until all work has been per- <br />formed strictly in accordance with this Agreement and until such <br />work has been accepted,by the Second Party. The Second Party may <br />elect to waive retainage requirements after 50% of the work has <br />been satisfactorily completed on schedule as referred to ir Arti- <br />cle 31 of the General Conditions. <br />5. Upon submission by the First Party of evidence satisfac- <br />tory to the Second Party that all payrolls, material bids and <br />other costs incurred by the First Party in connection with the <br />construction of the work has been paid in full, final payment on <br />account of this Agreement shall be made within thirty (30) days <br />after the completion by the First Party of all work covered by <br />this Agreement and the acceptance of such work by the Second <br />Party. <br />6. It is further mutually agreed between the parties hereto <br />that if at any time after the execution of this Agreement and the <br />Surety Bonds hereto attached for its faithful performance, the <br />Second Party shall deem the surety or Sureties upon such Bonds to <br />be unsatisfactory, or if, for any reason, such Bonds ceases to be <br />adequate to cover the performance of the work, the First Party <br />shall, at its expense, within five (5) days after the receipt of <br />notice from the Second Party so to do, furnish an additional Bond <br />or Bonds in such form and amount, and with.such Surety or Sureties <br />as shall be satisfactory to the Second Party. In such event no <br />3 -48 <br />