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. this in connection with any Bond Orthis (e) enforcing by litigation or
<br /> otherwise any of the provisions of this Agreement: and 0 all interest accruing thereon atthe
<br /> maximum legal rate.
<br /> 1.6. "Principal"or"Principals" means any business entity, (nd|v|dua1(o), kdemn|hororits nubsWieden,
<br /> e0|1mtem, or other entity whose obligation the Surety is requested to guarantee by issuing o/
<br /> procuring a Bond an defined herein nr such other definition numhmmmrUy used in the industry.
<br /> Principal includes any Person or business entity identified on a Bond as"Principal"or"Contractor"
<br /> 1.7. ''Pmmon" means any indivkjua(, any business entity, vegmnd(moa of \ype, such as, but not
<br /> neonmxah|y limited to, a corporation, partnership, limited liability company, limited liability
<br /> partnership, sole proprietor,joint venture, trust,etc.
<br /> 1,8. "Surety" means any one or more of General Casualty Company of Wisconsin, Praetorian
<br /> Insurance Company, Q8E Insurance Corporation, and any of their current orfuture, dinyo* o/
<br /> indirect insurance company affiliates, subsidiaries, parents,assigns,arid successors.
<br /> 2. Covered Bonds. This Agreement applies to ail Bonds executed or procured by Surety for any business
<br /> entity or individual for or on behalf of any present or future, directly or indirectly owned subsidiaries or
<br /> affi||n1ae' and any other legal entities in which Principal has ownership inha*ae(. The )ndwmn|to/a
<br /> acknowledge and agree that they have a duty to review all Bond(s)executed by Surety for errors and
<br /> omissions prior to delivery of the Bond to the C)b|igee, and hereby waive any claim they may have, if
<br /> any, against Surety arising out oY any such error oromission.
<br /> 3. Decline Execution. The Surety has the unconditional and absolute right,for any reason,to decline to
<br /> exoouha, renew, continue, exteod, amend o/replace any Bond, including without limitation in relation
<br /> to a project as set forth in the Bond ("Project")for which Surety provided a bid or proposal Bond.
<br /> 4. Indemnity, In consideration of the Surety's agreement to execute Bnnd(o). if any, the !ndemnitom
<br /> hereby specifically agree:
<br /> 41. To fully exonerate,to fully indemnity and hold harmless,keep fully indemnified,and hold harmless
<br /> the Surety from and against any and all Loss; ggd
<br /> 4.2. To pay Surety promptly upon demand all premiums for each 8omj executed on behalf of the
<br /> Principa|.ioclud|nganyrenawa|amrmxiomsiuneo/euoh8ond. inaoonrdanoevvith8unety'smdmuin
<br /> effect until the Indemnitors provide evidence satisfactory to the Surety of its discharge or release
<br /> from all liability under any and all Bonds; and
<br /> 4�3. To pay any amounts due bp Surety upon demand,and
<br /> 4.4, In the event ofany payments made by the Surety in the uuou h«iU` belief of their necessity, the
<br /> |nclemn!%ora agree to accept the voucher or other evidence of such payments as prima facie
<br /> evidence of the propriety thereof, a10
<br /> 4.5. If claim or demand relating to e Bond is made against Surety, |ndomnit#na immediately upon
<br /> demand shall deposit with Surety United States legal currency or an irrevocable letter of credit,as
<br /> collateral security,in an amount equal to the penal sum of the Bond posted by Surety with respect
<br /> to such claim(s)or potential claim(s)plus any other expense such as, but necessarily limited to,
<br /> experts, other professionals, or attorneys' feoamndnoo\o. Surety shall have no duty to invest or
<br /> pay interest on any such collateral deposit. The Surety, *d its sole option and discretion, may use
<br /> any collateral deposit at any time without notice to Indemnitors to accomplish the purposes and
<br /> |n&*n| of this Agreement, In the event Surety accepts ou|bgexm} other than fundo. Surety is
<br /> authorized, without notice to the Indemnitors, to manage, borrow against, sell, pledge, convey or
<br /> dispose of said collateral by public urprivate sale and shall not incur any liability whatsoever ho
<br /> Indemnitors or others for said actions. The Indemnitors are entitled to the return of any collateral
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