HomeMy WebLinkAboutForm of Payment BondBond No. 21BCSEQ8005
FORM OF PAYMENT BOND (Page 1of 2)
BY THIS BOND, We NAC Construction, Inc. as Principal,
Hartford Casualty Insurance
hereinafter called Contractor, and Comany , as Surety, are bound
to the City of Miami, Florida, as Obligee, hereinafter called City, in the amount of
Three Million Twenty -Four
Thousand & N0/100-- Dollars ($ 3,024,000. } 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., awarded the 11th day of September , 2008 , 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. 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.
FORM OF PAYMENT BOND (Page 2 of 2)
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 17th day of September , 20 08
Contractor
ATT NAC Construction, Inc.
(Name o orporation)
By:
(Secretary) (Si ure)
Carmen Castellon
(Corporate Seal)
1N THE PRESENCE OF:
Nestor A. Castellon,
President
(Print Name and Title)
llthday of September 20 08 .
INSURANCE COMPANY:
Hart or Casualty Insurane Company
By:
gent and Attorney -in -Fact
Charles J. Nielson
Address: 8000 Governors Square Blvd., .Ste 101
(Street)
Miami Lakes, FL 33016
(City/State/Zip Code)
Telephone No.: 305-722-2663
This bond is given to coat ter with section 255.05 Florida
Statutes, and any action instituted by a claimant under this
bond for payment mutt he in accordance with the notice and
time limitation;provisions in Section 255.05(2), Florida Statutes.