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able to sureties as a defense in the jurisdiction of the suit <br />shall be applicable. <br />10 Notice to the Surety, the Owner or the Contractor shall <br />be mailed or delivered to the address shown on the sig- <br />nature page. <br />11 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 provision in this <br />Bond conflicting with said statutory or legal requirement <br />shall be deemed deleted herefrom and provisions con- <br />forming to such statutory or other legal requirement shall <br />be deemed incorporated herein. The intent is that this <br />Bond shall be construed as a statutory bond and not as a <br />common law bond. <br />12 DEFINITIONS <br />12.1 Balance of the Contract Price: The total amount <br />payable by the Owner to the Contractor under the <br />Construction Contract after all proper adjustments <br />have been made, including allowance to the Con- <br />MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: <br />tractor of any amounts received or to be received by <br />the Owner in settlement of insurance or other claims <br />for damages to which the Contractor is entitled, re- <br />duced by all valid and proper payments made to or on <br />behalf of the Contractor under the Construction Con- <br />tract. <br />12.2 Construction Contract: The agreement between <br />the Owner and the Contractor identified on the sig- <br />nature page, including all Contract Documents and <br />changes thereto. <br />12.3 Contractor Default: Failure of the Contractor, <br />which has neither been remedied nor waived, to per- <br />form or otherwise to comply with the terms of the <br />Construction Contract. <br />12.4 Owner Default: Failure of the Owner, which has <br />neither been remedied nor waived, to pay the Con- <br />tractor as required by the Construction Contract or to <br />perform and complete or comply with the other terms <br />thereof. <br />(Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) <br />CONTRACTOR AS PRINCIPAL SURETY <br />Company: (Corporate Seal) Company: (Corporate Seal) <br />Signature: <br />Name and Title: <br />Address: <br />Signature: <br />Name and Title: <br />Address: <br />AIA DOCUMENT A312 • PERFORMANCE BOND AND PAYMENT BOND - DECEMBER 1984 ED. - AIA OO <br />THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W., WASHINGTON, D.C. 20006 A312 -1984 3 <br />THIRD PRINTING • MARCH 1987 <br />