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00720. FORM OF PAYMENT BOND (Page 1of 3)
BY THIS BOND, We , as
Principal, hereinafter called CONTRACTOR, arid
, as Surety, are bound to the City of Miami,
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,
Bid/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. 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 Statule
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.
City of Miami 63 BId No. 04-05-011
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00720. FORM OF PAYMENT BOND (Page 2 of 3)
2.2. A claimant who is not in privity with CONTRACTOR and who has riot
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
ATTEST:
By:
CONTRACTOR
(Name of Corporation)
(Secretary) (Signature)
(Corporate Seal) (Print Name and Title)
day of , 20
City of Miami f4 Bid No, 04-05-011
00720. FORM OF PAYMENT BOND (Page 3 of 3)
IN THE PRESENCE OF: INSURANCE COMPANY:
By:
Agent and Attorney -in -Fact
Address:
(Street)
(City/State/Zip Code)
Telephone No.:
4111 City of Miami 65 Bid No. 04-05-011