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PERFORMANCE BOND <br /> NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform <br /> said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. <br /> The Surety hereby waives notice of any alteration or the contract or contracts of completion arranged under this <br /> extension of time made by the Owner. paragraph) sufficient funds to pay the cost of completion less <br /> Whenever Contractor shall be, and declared by Owner the balance of the contract price; but not exceeding, including <br /> to be in default under the Contract, the Owner having other costs and damages for which the Surety may be liable <br /> performed Owner's obligations thereunder, the Surety may hereunder, the amount set forth in the first paragraph hereof. <br /> promptly remedy the default, or shall promptly The term "balance of the contract price," as used in this <br /> paragraph, shall mean the total amount payable by Owner to <br /> 1) Complete the Contract in accordance with its terms Contractor under the Contract and any amendments thereto, <br /> and conditions, or less the amount properly paid by Owner to Contractor. <br /> 2) Obtain a bid or bids for completing the Contract in Any suit under this bond must be instituted before the <br /> accordance with its terms and conditions, and upon expiration of two (2) years from the date on which final <br /> determination by Surety of the lowest responsible bidder, payment under the Contract falls due. <br /> or, if the Owner elects, upon determination by the Owner No right of action shall accrue on this bond to or for the <br /> and the Surety jointly of the lowest responsible bidder, use of any person or corporation other than the Owner named <br /> arrange for a contract between such bidder and Owner, herein or the heirs, executors, administrators or successors of <br /> and make available as Work progresses (even though the Owner. <br /> there should be a default or a succession of defaults under <br /> Signed and sealed this 10th day of August, 2007. <br /> ATTEST: Gregg Drilling &Testing, Inc. <br /> (Principa0 (Seal) <br /> 9�(- < <br /> (Witness) <br /> By: <br /> (Title) <br /> WITNESS: Contractors Bonding and Insurance Company <br /> (Surety) (Seap <br /> By: . <br /> (Witness) 1 <br /> Kim Heredia BAo A 10-0 <br /> Ti Ef <br /> Victoria M. Campbell Attorney-in-Fact <br /> AIA DOCUMENT A311 PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND • AIA ® 2 <br /> FEBRUARY 1970 ED. THE AMERICAN INSTITUTE OFARCHITECTS,1735 N.Y.AVE.,N.W.,WASHINGTON.D.C.20006 <br />