d. Contract approval - Laserfiche WebLink

(c) After the expiration of one (1) year (or such lesser or greater time period as otherwise permitted by relevant law) following the date on which the Subcontractor provided the last labor and/or materials to the project. If the provisions of this paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in the jurisdiction of the suit shall be applicable. 4. Surety shall have no liability to any Claimant under this Bond for any amount unless it is due and owing to the Claimant by the Principal pursuant to the express terms of the contract between the Principal and Claimant or, if the Claimant does not have a direct Contract with Principal, pursuant to the terms and conditions of the Contract between the Claimant and the Subcontractor to the Principal. The Bond incorporates all of the Principal's contractual defenses, including but not limited to pay-if-paid provisions, whereby payment to the Claimant is subject to the condition precedent of the Obligee's payment to the Principal, and other limitations on amounts due under the Contract between Principal and Claimant. 5. The amount of this bond shall be reduced by and to the extent of any payment or payments made in good faith hereunder, inclusive of the payment by the Surety of mechanics' liens, which may be filed of record against such improvement, whether or not claim for the amount of such lien be presented under and against this bond. DATED as of this 23rd day of May ,2005 WITNESS / ATTEST: Peterson Mechanical, Inc,. 3001 1st Avenue North. Farao. NO 58102 (Pri "pal) ~~ (Seal) LIBERTY MUTUAL INSURANCE COMPANY (Surety) By. ~t~~ Ja , Padd:~OmeY-i""Fact (Seal) LMIC-5200 20f2 Rev. 3/04