HomeMy WebLinkAboutA - 24-07-RFP Attachment C - Payment and Performance Bond
PERFORMANCE
BOND
PERFORMANCE BOND (Page 1 of 2)
BY THIS BOND, We _______________________________________, as Principal, hereinafter
called Contractor, and _______________________________, as Surety, are bound to the City of
Sebastian, Florida, as Obligee, hereinafter called City, in the amount of
____________________________ Dollars ($__________) for the payment whereof Contractor and
Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and
severally.
WHEREAS, Contractor has by written agreement entered into a Contract, No._________,
awarded the _______ day of __________________, 20___, with City which Contract Documents are by
reference incorporated herein and made a part hereof, and specifically include provision for liquidated
damages, and other damages identified, and for the purposes of this Bond are hereafter referred to as the
"Contract";
THE CONDITION OF THIS BOND is that if Contractor:
1. Performs the Contract between Contractor and City for construction
of__________________________, the Contract being made a part of this Bond by reference, at the
times and in the manner prescribed in the Contract; and
2. Pays City all losses, liquidated damages, expenses, costs, and attorney's fees including appellate
proceedings, that City sustains as a result of default by Contractor under the Contract; and
3. Performs the guarantee of all Work and materials furnished under the Contract for the time specified
in the Contract; then THIS BOND IS VOID, OTHERWISE IT REMAINS IN FULL FORCE AND
EFFECT.
4. Whenever Contractor shall be, and declared by City to be, in default under the Contract, City having
performed City obligations hereunder, the Surety may promptly remedy the default, or shall promptly:
4.1. Complete the Project in accordance with the terms and conditions of the Contract Documents; or
4.2. Obtain a bid or bids for completing the Project in accordance with the terms and conditions of the
Contract, and upon determination by Surety of the lowest responsible Bidder, or, if City elects,
upon determination by City and Surety jointly of the lowest responsible Bidder, arrange for a
contract between such Bidder and City, and make available as Work progresses (even though
there should be a default or a succession of defaults under the Contract or Contracts of
completion arranged under this paragraph) sufficient funds to pay the cost of completion less the
balance of the Contract Price; but not exceeding, including other costs and damages for which
the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term
"balance of the Contract Price," as used in this paragraph, shall mean the total amount payable
by City to Contractor under the Contract and any amendments thereto, less the amount properly
paid by City to Contractor.
PERFORMANCE BOND (Page 2 of 2)
No right of action shall accrue on this bond to or for the use of any person or corporation other than
City named herein.
The Surety hereby waives notice of and agrees that any changes in or under the Contract Documents
and compliance or noncompliance with any formalities connected with the Contract and that any
changes do not affect Surety's obligation to perform under this Bond. The Surety hereby waives
notice of any change, including changes of time, to the Construction Contract or to related
subcontracts, purchase orders, and other obligations.
Signed and sealed this ______ day of _____________________, 20_____.
Contractor
WITNESSES: ________________________________
(Name of Corporation)
_________________________
Secretary By: ________________________________
(Signature)
(CORPORATE SEAL)
________________________________
(Print Name and Title)
IN THE PRESENCE OF: INSURANCE COMPANY:
_________________________ By: ________________________________
Agent and Attorney-in-Fact
_________________________
Address: _______________________________
_________________________ (Street)
________________________________
(City/State/Zip Code)
Telephone No.: __________________________
(Notary required for Contractor’s Signature)
Sworn to and subscribed before me this _________ day of________________________, 20_____.
Personally known________________________________________________________________
Or produced identification_______________ Notary Public – State of______________________
____________________________________ My commission expires_______________________
(Type of Identification)
__________________________________________________
(Printed, typed, or stamped commissioned name notary public)
PAYMENT
BOND
PAYMENT BOND
BY THIS BOND, We _______________________________________, as Principal, hereinafter
called Contractor, and _______________________________, as Surety, are bound to the City of
Sebastian, Florida, as Obligee, hereinafter called City, in the amount of
______________________________ Dollars ($____________) for the payment whereof Contractor and
Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and
severally.
WHEREAS, Contractor has by written agreement entered into a Contract No. _________, for the
_______________________________, awarded the _______ day of __________________, 20___, with
City which Contract are by reference incorporated herein and made a part hereof, and specifically include
provision for liquidated damages, and other damages identified, and for the purposes of this Bond are
hereafter referred to as the "Contract";
THE CONDITION OF THIS BOND is that if Contractor:
1. Pays City all losses, liquidated damages, expenses, costs, and attorney's fees including appellate
proceedings, that City sustains because of default by Contractor under the Contract; and
2. Promptly makes payments to all claimants as defined by Florida Statute 255.05(1) for all labor,
materials and supplies used directly or indirectly by Contractor in the performance of the
Contract;
THEN CONTRACTOR'S OBLIGATION SHALL BE VOID; OTHERWISE, IT SHALL REMAIN IN
FULL FORCE AND EFFECT SUBJECT, HOWEVER, TO THE FOLLOWING CONDITIONS:
2.1. A claimant, except a laborer, who is not in privity with Contractor and who has not
received payment for its labor, materials, or supplies shall, within forty-five (45) days
after beginning to furnish labor, materials, or supplies for the prosecution of the Work,
furnish to Contractor a notice that he intends to look to the bond for protection.
2.2. A claimant who is not in privity with Contractor and who has not received payment for its
labor, materials, or supplies shall, within ninety (90) days after performance of the labor
or after complete delivery of the materials or supplies, deliver to Contractor and to the
Surety, written notice of the performance of the labor or delivery of the materials or
supplies and of the nonpayment.
2.3. No action for the labor, materials, or supplies may be instituted against Contractor or
the Surety unless the notices stated under the preceding conditions (2.1) and (2.2)
have been given.
2.4. Any action under this Bond must be instituted in accordance with the longer of the
applicable Notice and Time Limitations provisions prescribed in Section 255.05(2), or
Section 95-11, Florida Statutes.
The Surety hereby waives notice of and agrees that any changes in or under the Contract
Documents and compliance or noncompliance with any formalities connected with the Contract or
the changes does not affect the Surety's obligation under this Bond.
Signed and sealed this ______ day of _______________________, 20____.
Contractor
ATTEST: _________________________________________
(Name of Corporation)
______________________ By:______________________________________
(Secretary) (Signature)
_________________________________________
(Corporate Seal) (Print Name and Title)
____ day of ___________________, 20____.
IN THE PRESENCE OF: INSURANCE COMPANY:
_________________________ By: ______________________________________
Agent and Attorney-in-Fact
_________________________ Address:__________________________________
(Street)
________________________ ___________________________________
(City/State/Zip Code)
Telephone No.: ______________________
(Notary required for Contractor’s Signature)
Sworn to and subscribed before me this ____________day of_________________________, 20______,
either ___ in person or ___ via electronic means by ______________________________________ as
the ___________________________ of _______________________________ and who is:
Personally known_____________________________________________________________________
Or produced identification_______________ as follows: _____________________
NOTARY SEAL: _____________________________________________
Notary Public – State of__________________________
My Commission expires on: ______________________