HomeMy WebLinkAboutperformance bond0 00710. FORM OF PERFORMANCE BOND (Page 1of 3)
BY THIS BOND, We , as
Principal, hereinafter called CONTRACTOR, and
, as Surety, are bound to the City of Miami,
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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. 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
City of Miami 60 Bid No. 04-05-011
41) 00710. FORM OF PERFORMANCE BOND (Page 2 of 3)
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.
Whenever CONTRACTOR shall be, and declared by CITY to be, in default under
the Contract, CITY having performed CITY obligations thereunder, the Surety
may promptly remedy the default, or shall promptly:
3.1. Complete the Project in accordance with the terms and conditions of the
Contract Documents; or
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3.2. 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 thus
paragraph, shall mean the total amount payable by CITY to
CONTRACTOR under the Contract and any amendments thereto, Tess
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 day of , 20
City of Miami
61 Bid No. 04-05-011
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00710. FORM OF PERFORMANCE BOND (Page 3of 3)
WITNESSES:
Secretary By:
(CORPORATE SEAL)
(Name of Corporation)
(Signature)
(Print Name and Title)
IN THE PRESENCE OF: INSURANCE COMPANY:
By:
Agent and Attorney -in -Fact
Address:
(Street)
(City/State/Zip Code)
Telephone No.:
City of Miami 62 Bid No. 04-05-011