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for ROCKFORCE in making arrangements for the performance and completion of the <br />Remaining Work/Obligations. <br />NOW, THEREFORE, based on the exchange of valuable consideration, including <br />the covenants and conditions of this Agreement, the receipt and sufficiency of which is <br />acknowledged, and based on the Recitals set forth above which form a part of this <br />Agreement, Surety and Owner agree to the following terms and conditions: <br />II. TERMS AND CONDITIONS <br />1. Recitals. The above Recitals and the Terms and Conditions herein are <br />contractual and not merely recitals and the agreements contained herein and <br />consideration transferred are to satisfy the rights and obligations between Owner and <br />Surety, except as to claims reserved by this Agreement. <br />2. Incorporation of the Contract. The Contract is incorporated by reference <br />into this Agreement, including the Contract Documents, including but not limited to, any <br />Addendum (which pertains to the Contract Documents), Notice Inviting Bids, <br />Instructions to Bidders, Bid (including documentation accompanying the Bid and any <br />post -bid documentation submitted prior to the Notice of Award) when attached as an <br />exhibit to the Contract, the Bonds, permits, the Special Provisions, the Plans, Standard <br />Plans, Standard Specifications, Reference Specifications, and all Modifications issued <br />after the execution of the Contract All terms of the Contract are incorporated herein, <br />3. The Balance of the Contract Sum. Arch will procure the performance of <br />the Remaining Work relying on, among other things, the Owner's representation that the <br />outstanding earned and unpaid Contract funds in the amount of $4,324,389.00 shall be <br />paid to Arch. The Owner represents that the Balance of the Contract Sum as follows: <br />Contract Price: $7,606,500.00 <br />Approved Change Orders: $ 61,803.00 <br />Current Contract Price: $7,668,303.00 <br />Amount Paid to Principal: $3,343,914.00 <br />"Balance of the Contract Sum": $4,324,389.00 <br />Owner agrees that the Balance of the Contract Sum is dedicated to and will be paid to <br />Arch for the completion of the Remaining Work pursuant to this Agreement. The Balance <br />of the Contract Sum includes $183,794.55 in retention, which shall be released to Arch <br />pursuant to the terms of the Contract. Arch expressly reserves the right to verify all <br />Contract fund accountings and to request the appropriate adjustments from the Owner <br />and/or its representatives. The Balance of the Contract Sum shall be increased by the <br />value of future Change Orders subsequently approved by Owner. <br />4. Surety to Perform Remaining Work. Surety shall be responsible for the <br />completion of all Work in accordance with the entire Contract. Surety shall perform the <br />Remaining Work through one or more completion contractors (hereinafter "Completion <br />Contractor"), subject to written approval by the Owner, which Surety shall engage <br />2 <br />