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~ 6.1 The responsibilities of the Contractor for correction of defective work and completion of the Construction Contract; ~6,2 Additional legal, design professional and delay costs resulting from the Contractor's Default, and resulting from the actions or failure to act of the Surety under Section 4; and ~6.3 Liquidated damages, or if no liquidated damages are specified in the Construction Contract, actual damages caused by delayed performance or non-performance of the Contractor. ~7 The Surety shall notb,e liable to the Owner or others for obligations of the Contractor that are unrelated to the ConstructionContract,ahd the Balance of the Contract Price shall not be reduced or set off on account of any such unrelated obligations. No right of action shall accrue on this Bond to any person or entity other than the Owner or its,heirs, executors, adIIli11istrators or successors. ~8The Surety hereby waives notice of any change, including changes of time, to the Construction Contract or to related subcontracts" purchase orders and other obligations, ~9 Any proceeding, le Ql'equitable, under this Bond may be instituted in any court of competent jurisdiction in thelocation in which orkor part of the work is located and shall be instituted within two years after Contractor Default or withintwoyfter the Contractor ceased working or within two years after the Surety refuses or fails to perform itsobligatiOn$under this Bond, whichever occurs first. If the provisions of this Paragraph are void or prohibited bylaw,theIIli11irnum period of limitation available to sureties as a defense in the jurisdiction of the suit shallbe.'applicable, ~10Notice to the Surety, ,the Owner or the Contractor shall be mailed or delivered to the address shown on the signature page. ~ 11When this Bond has,beenJurnished to comply with a statutory or other legal requirement in the location where the construction was to be performed, any provision in this Bond conflicting with said statutory or legal requirement shallbe deemed deleted here from and provisions conforming to such statutory or other legal requirement shall be deemed incorporated hereill. The intent is that this Bond shall be construed as a statutory bond and not as a common law bond. ~ 12 DEFINITIONS ~12.1 Balance of the Contract Price: The total amount payable by the Owner to the Contractor under the Construction Contract after all proper adjustments have been made, including allowance to the Contractor of any amounts received or to be receive(lbythe Owner in settlement of insurance or other claims for damages to which the Contractor is entitled, reduced by all valid and proper payments made to or on behalf of the Contractor under the Construction Contract. ~ 12.2.,Construction C01}tJ:act: The agreement between the Owner and the Contractor identified on the signature page, including allContractJ)Qcuments and changes thereto. '~ 12.3 Contractor Default: Failure of the Contractor, which has neither been remedied nor waived, to perform or otherwise to cornplywith the terms of the Construction Contract. ~'12.4 Owner Default: Failure of the Owner, which has neither been remedied nor waived, to pay the Contractor as required by the Construction Contract or to perform and complete or comply with the other terms thereof, AlA Document A312TU -1984. Copyright @ 1984 by The American Institute of Architects, All rights reserved, WARNING: This AlAe Documenlls protected by U.S, Copyright Law and International Treaties, Unauthorized reproduction or distribution of this AlAS Document, or any portion of It, 3 may result In severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AlA software at 12:53:31 on 06/01/2005 under Order No.1oo0172893_1 which expires on 4/26/2006, and is not for resale. User Notes: (3398270583)