Laserfiche WebLink
(2) Obtain a bid or bids for completing the Contract in accordance with <br />its terms and conditions, and upon determination by the Obligee and the Surety <br />jointly of the lowest responsible bidder, arrange for a contract between such <br />bidder died Surety, dnd make available as Work progresses (even though there <br />shall be a default or a succession of defaults under the contract or contracts <br />of completion arranged under this paragraph) sufficient funds to pay the cost <br />of completion and other costs and damages for which the Surety may be liable <br />hereunder, but not exceeding the amount sc-t forth in the first paragraph here- <br />of less the balance of the contract price. The term "balance of the contract <br />price," as used in this paragraph shall mean the total amount payable by the <br />igee to Contractor under the Contract and any amendments thereto, less the <br />paid by r' Obligee to Contractor, of if appropriate, <br />(3) Promptly pay such sums to the Obligee as the Obligee may be entitled <br />from the Contractor under the Contract Documents, or for the breach thereof, <br />but not exceeding tup ,t set forth in the first paragraph hereof. <br />The surety :.gre bo,ind by any award granted to the Obligee sga <br />the Contractor in ar iun or judicial proceedings commenced pursuant t, <br />the Contract Documents. <br />No right of action shall accrue on this bond to or for the use of any per- <br />son or corporation other than the Obligee named herein - the successors of <br />the Obligee. <br />Signed and sealed this day of 19 <br />F <br />M <br />r- <br />!N Witness <br />35Y5a <br />4/81 <br />d(►N( S i <br />Contractor <br />By _ <br />Signature <br />('Ty • 1 or Printed name of Signer) <br />Title <br />By <br />Signaturd <br />+ (Typed or Printed name Signer; <br />- 48 - <br />