HomeMy WebLinkAboutForm Performance BondBOND NO. 105188849
FORM OF PERFORMANCE BOND (Page 1 of 2)
SHORELINE FOUNDATION, INC., 2781 S; W. 56 AVENUE,
BY THIS BOND, We PEMBROKE PARK, FL 33023. TEL NO. (3'54) 985-0460 as Principal,
TRAVELERS CASUALTY AND SURETY COMPANY OF
AMERICA, 2420 LAKEMOUNT AVENUE, 4TH FLOOR,
hereinafter called Contractor, and ORLANDO, FL 32814. TEL NO. (407)388-3263 as Surety, are bound
444 S.W. 2ND AVENUE, STH FLOOR, MIAMI, FL 33130 TEL NO. (305) 416-1280
to the City of Miami, Florida, as Obligee, hereinafter called City, in the amount of
ONE MILLION, EIGHTY-FIVE THOUSAND,
FIVE HUNDRED AND NO/100 Dollars ($1,085,500.00 ) 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, Bid/Contract
No: 07-08-021, awarded the 25th day of February 20 0 9 , 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
MIAMARINA EMERGENCY REPAIRS PIER NO. 5, B-303251DINNERKEY MARINA PIER NO.3 B-5D474A , 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
FORM OF PERFORMANCE BOND (Page 2 of 2)
4.2. Obtain a bid or bids for completing the Project in accordance with the terms
and conditions of the Contract Documents, 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,
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 or the changes does not affect Surety's obligation under this Bond.
Signed and sealed this 23RD day of JANUARY 2009
WIT S:
Secretary
(CORPORATE SEAL)
By:
SHORELINE FOUNDATION, INC.
(Name of Corporation)
`(Print Name and Title)
TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
INSURANCE COMPANY:
By:
Agent and Attorney -in -Fact _c. w. MA7t---_�
A
2420 LAKEMOUNTAVENUE, 4TH FLOOR
(Street)
ORLANDO, FL 32814.
(City/State/Zip Code)
Telephone No.: (407) 388-3263