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<br />18 <br /> <br />BID BOND <br /> <br />KNOW ALL MEN BY THESE PRESENTS, <br /> <br />that we, the undersigned, <br />as Principa1, and <br />as Surety, are hereby <br />Town of Crook, Colorado, <br /> <br />held and firmly bound unto the <br />as Owner, in the penal sum of <br />for the payment of which, well and truly to be made, we <br />hereby jointly and severally bind ourselves, successors <br />assigns. <br /> <br />and <br /> <br />THE CONDITION of this obligation is such that whereas the <br />Principal has submitted to the Town of Crook, Colorado, <br />the accompanying Bid Proposal, which is hereby maQe a part <br />hereof, to enter into a Contract for the construction of <br /> <br />, <br /> <br />AND WHEREAS, the Owner, as a condition for receiving said Bid <br />proposal, requires the Principal to deposit with the Owner a <br />Bid Security equivalent to not less than five (5) percent of <br />the amount of said Bid Proposal, <br /> <br />NOW, THEREFORE, <br /> <br />(a) If said Bid Proposal shall be rejected; or in the <br />alternative, <br /> <br />(b) If said Bid Proposal shall be accepted and the <br />principal shall execute and deliver a Contract (properly <br />completed in accordance with said Bid Proposal) and shall <br />furnish a Performance Bond and Payment Bond upon the forms <br />prescribed by the Owner for the faithful performance of said <br />Contract; and for the payment of all persons performing labor <br />or furnishing materials in connection therewith; and shall in <br />all other respects perform the agreement created by the <br />acceptance of said Bid Proposal; or in the alternative, <br /> <br />(c) If the Principal shall pay to the City the sum <br />specified herein as liquidated damages, and not as a penalty, <br />to compensate the City for actual costs and delay as well as <br />the difference in amount between the Principal's Bid Proposal <br />and that of the next lowest acceptable Bidder, <br /> <br />then this obligation shall be void, otherwise the same shall <br />remain in force and effect, it being expressly understood and <br />agreed that the liability of the Surety for any and all <br />claims hereunder shall, in no event, exceed the penal amount <br />of this obligation as herein stated. <br /> <br />The Surety, for value received, hereby stipulates and agrees <br />that the obligations of said Surety and its bond shall be in <br />no way impaired or affected by any extension of the time <br />