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DocuSign Envelope ID:98CAB32E-1814-4C97-B61E-B14BE79B81EA <br /> Orange County,North Carolina <br /> Lake Orange Erosion Control Barrier Replacement-RFQj+5285 <br /> 7.1 the responsibilities of the Contractor for 14 Definitions <br /> correction of defective work and completion of the <br /> Construction Contract; 14.1 Balance of the Contract Price: The total <br /> amount payable by the Owner to the Contractor <br /> 7.2 additional legal, design professional. and under the Construction Contract after all proper <br /> delay costs resulting from the Contractor's Default, adjustments have been made including allowance for <br /> and resulting from the actions or failure to act of the the Contractor for any amounts received or to be <br /> Surety under Paragraph 5;and received by the Owner in settlement of insurance or <br /> other claims for damages to which the Contractor is <br /> 7.3 liquidated damages, or if no liquidated entitled, reduced by all valid and proper payments <br /> damages are specified in the Construction Contract, made to or on behalf of the Contractor under the <br /> actual damages caused by delayed performance or Construction Contract <br /> non-performance of the Contractor. <br /> 14.2 Construction Contract: The agreement <br /> 8. If the Surety elects to act under Paragraph 5 1,5.3,or between the Owner and Contractor identified on the <br /> S.4, the Surety's liability is limited to the amount of this cover page, including all Contract Documents and <br /> Bond. changes made to the agreement and the Contract <br /> Documents <br /> 9. The Surety shall not be liable to the Owner or others <br /> for obligations of the Contractor that are unrelated to the 14.3 Contractor Default: Failure of the <br /> Construction Contract, and the Balance of the Contract Contractor,which has not been remedied or waived, <br /> Price shall not be reduced or set off on account of any to perform or otherwise to comply with a material <br /> such unrelated obligations. No right of action shall accrue term of the Construction Contract. <br /> on this Bond to any person or entity other than the Owner <br /> or its heirs, executors, administrators, successors, and 14.4 Owner Default: Failure of the owner,which <br /> assigns. has not been remedied or waived, to pay the <br /> Contractor as required under the Construction <br /> 10. The Surety hereby waives notice of any change, Contract or to perform and complete or comply with <br /> including changes of time, to the Construction Contract or the other material terms of the Construction <br /> to related subcontracts, purchase orders, and other Contract. <br /> obligations <br /> 14.S Contract Documents: All the documents <br /> 11 Any proceeding, legal or equltable, under this Bond that comprise the agreement between the Owner <br /> may be instituted in any court of competent furisdiction in and Contractor. <br /> the location in which the work or part of the work is <br /> located and shall be instituted within two years after a 15. If th,s Bond is issued for an agreement between a <br /> declaration of Contractor Default or within two years after contractor and subcontractor, the term Contractor in this <br /> the Contractor ceased working or within two years after Bond shall be deemed to be Subcontractor and the term <br /> the Surety refuses or fails to perform its obligations under Owner shall be deemed to be Contractor. <br /> this Bond, whichever occurs first. If the provisions of this <br /> paragraph are void or prohibited by law, the minimum 16. Modifications to this Bond are as follows: <br /> periods of limitations available to sureties as a defense in <br /> the jurisd ction of the suit shall be applicable. <br /> 12. Notce to the Surety, the Owner, or the Contractor <br /> shall be mailed or del;vered to the address shown on the <br /> page on which their signature appears. <br /> 13 When this Bond has been furnished to comply with a <br /> statutory or other legal requirement in the location where <br /> the construction was to be performed, any provis-on in <br /> this Bond conflicting with said statutory or legal <br /> requirement shall be deemed deleted herefrom and <br /> provisions conforming to such statutory or other legal <br /> requirement shall be deemed -ncorporated here,n When <br /> so furnished,the intent is that this Bond shall be construed <br /> as a statutory bond and not as a common law bond <br /> EICDC•C-610,Performance Bond <br /> Copyright®2013 National Society of Professional Engineers,American Council of Engineering Companies, <br /> and American Society of Civil Engineers. All rights reserved. 3 of 3 <br />