Laserfiche WebLink
9. Amounts owed by the Owner to the Contractor under <br />the Construction Contract shall be used for the <br />performance of the Construction Contract and to <br />satisfy claims, if any, under any construction <br />performance bond. By the Contractor furnishing and <br />the Owner accepting this Bond, they agree that all <br />funds earned by the Contractor in the performance of <br />the Construction Contract are dedicated to satisfy <br />obligations of the Contractor and Surety under this <br />Bond, subject to the Owner's priority to use the funds <br />for the completion of the work. <br />legal requirement shall be deemed deleted herefrom <br />and provisions conforming to such statutory or other <br />legal requirement shall be deemed incorporated <br />herein. When so furnished, the intent is that this Bond <br />shall be construed as a statutory bond and not as a <br />common law bond. <br />15. Upon requests by any person or entity appearing to be <br />a potential beneficiary of this Bond, the Contractor and <br />Owner shall promptly furnish a copy of this Bond or <br />shall permit a copy to be made. <br />10. The Surety shall not be liable to the Owner, Claimants, 16. <br />or others for obligations of the Contractor that are <br />unrelated to the Construction Contract. The Owner <br />shall not be liable for the payment of any costs or <br />expenses of any Claimant under this Bond, and shall <br />have under this Bond no obligation to make payments <br />to or give notice on behalf of Claimants, or otherwise <br />have any obligations to Claimants under this Bond. <br />11. The Surety hereby waives notice of any change, <br />including changes of time, to the Construction Contract <br />or to related subcontracts, purchase orders, and other <br />obligations. <br />12. No suit or action shall be commenced by a Claimant <br />under this Bond other than in a court of competent <br />jurisdiction in the state in which the project that is the <br />subject of the Construction Contract is located or after <br />the expiration of one year from the date (1) on which <br />the Claimant sent a Claim to the Surety pursuant to <br />Paragraph 5.1.2 or 5.2, or (2) on which the last labor or <br />service was performed by anyone or the last materials <br />or equipment were furnished by anyone under the <br />Construction Contract, whichever of (1) or (2) first <br />occurs. If the provisions of this paragraph are void or <br />prohibited by law, the minimum period of limitation <br />available to sureties as a defense in the jurisdiction of <br />the suit shall be applicable. <br />13. Notice and Claims to the Surety, the Owner, or the <br />Contractor shall be mailed or delivered to the address <br />shown on the page on which their signature appears. <br />Actual receipt of notice or Claims, however <br />accomplished, shall be sufficient compliance as of the <br />date received. <br />14. When this Bond has been furnished to comply with a <br />statutory or other legal requirement in the location <br />where the construction was to be performed, any <br />provision in this Bond conflicting with said statutory or <br />Definitions <br />16.1 Claim: A written statement by the Claimant <br />including at a minimum: <br />1. The name of the Claimant; <br />2. The name of the person for whom the labor <br />was done, or materials or equipment <br />furnished; <br />3. A copy of the agreement or purchase order <br />pursuant to which labor, materials, or <br />equipment was furnished for use in the <br />performance of the Construction Contract; <br />4. A brief description of the labor, materials, <br />or equipment furnished; <br />5. The date on which the Claimant last <br />performed labor or last furnished materials <br />or equipment for use in the performance of <br />the Construction Contract; <br />6. The total amount earned by the Claimant <br />for labor, materials, or equipment furnished <br />as of the date of the Claim; <br />7. The total amount of previous payments <br />received by the Claimant; and <br />8. The total amount due and unpaid to the <br />Claimant for labor, materials, or equipment <br />furnished as of the date of the Claim. <br />16.2 Claimant: An individual or entity having a direct <br />contract with the Contractor or with a <br />subcontractor of the Contractor to furnish labor, <br />materials, or equipment for use in the <br />performance of the Construction Contract. The <br />term Claimant also includes any individual or <br />entity that has rightfully asserted a claim under <br />an applicable mechanic's lien or similar statute <br />against the real property upon which the Project <br />is located. The intent of this Bond shall be to <br />include without limitation in the terms of "labor, <br />Payment Bond <br />00 61 13-4 <br />