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commitment by the Owner to pay the Balance of the Contract Price, the Surety is obligated, without duplication, <br />for <br />.1 the responsibilities of the Contractor for correction of defective work and completion of the <br />Construction Contract; <br />.2 additional legal, design professional and delay costs resulting from the Contractor's Default, and <br />resulting from the actions or failure to act of the Surety under Section 5; and <br />.3 liquidated damages, or if no liquidated damages are specified in the Construction Contract, actual <br />damages caused by delayed performance or non-performance of the Contractor. <br />8. If the Surety elects to act under Section 5.1, 5.3 or 5.4, the Surety's liability is limited to the amount of this Bond. <br />9. The Surety shall not be liable to the Owner or others for obligations of the Contractor that are unrelated to the <br />Construction Contract, and the Balance of the Contract Price shall not be reduced or set off on account of any such <br />unrelated obligations. No right of action shall accrue on this Bond to any person or entity other than the Owner or <br />its heirs, executors, administrators, successors and assigns. <br />10. The Surety hereby waives notice of any change, including changes of time, to the Construction Contract or to <br />related subcontracts, purchase orders and other obligations. <br />1.1. Any proceeding, legal or equitable, under this Bond may be instituted in any court of competent jurisdiction in the <br />location in which the work or part of the work is located and shall be instituted within two years after a declaration <br />of Contractor Default or within two years after the Contractor ceased working or within two years after the Surety <br />refuses or fails to perform its obligations under this Bond, whichever occurs first. If the provisions of this <br />Paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in the <br />jurisdiction of the suit shall be applicable. <br />12. Notice to the Surety, the Owner or the Contractor shall be mailed or delivered to the address shown on the page on <br />which their signature appears. <br />13. When this Bond has been furnished to comply with a statutory or other legal requirement in the location where the <br />construction was to be performed, any provision in this Bond conflicting with said statutory or legal requirement <br />shall be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement shall be <br />deemed incorporated herein. When so furnished, the intent is that this Bond shall be construed as a statutory bond <br />and not as a common law bond. <br />14. DEFINITIONS <br />14.1 Balance of the Contract Price. The total amount payable by the Owner to the Contractor under the Construction <br />Contract after all proper adjustments have been made, including allowance to the Contractor of any amounts <br />received or to be received by the Owner in settlement of insurance or other claims for damages to which the <br />Contractor is entitled, reduced by all valid and proper payments made to or on behalf of the Contractor under the <br />Construction Contract. <br />14.2Construction Contract. The agreement between the Owner and Contractor identified on the cover page, <br />including all Contract Documents and changes made to the agreement and the Contract Documents. <br />14.3 Contractor Default. Failure of the Contractor, which has not been remedied or waived, to perform or otherwise to <br />comply with a material term of the Construction Contract, <br />14.40wner Default. Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required <br />under the Construction Contract or to perform and complete or comply with the other material terms of the <br />Construction Contract. <br />14.5 Contract Documents. All the documents that comprise the agreement between the Owner and Contractor. <br />15. If this Bond is issued for an agreement between a Contractor and subcontractor, the term Contractor in this Bond <br />shall be deemed to be Subcontractor and the term Owner shall be deemed to be Contractor. <br />Language conforms to AIA Document A312 Performance Bond, 2010 edition. <br />PRF76003ZZ071 Ir <br />