HomeMy WebLinkAboutexhibitEEXHIBIT E
FORM OF PERFORMANCE BOND
52
Design -Build Performance Bond EXHIBIT E
Bond No.:
The Owner, , (the "Owner") and the Design -Builder, , (the
"Design -Builder") have entered into a Contract (the "Contract") dated for
Lthe "Project"). The Contract is incorporated by reference into this Performance Bond (the "Bond").
By virtue of this Bond, the Design -Builder as Principal and as Surety
("Surety"), are bound to the Owner as Obligee in the maximum amount of
Dollars ($ ) (the "Bond Sum"). The Design -Builder and Surety hereby bind
themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, as provided herein.
1. GENERAL CONDITIONS. It is the condition of this Bond that if the Design -Builder performs the
construction work called for pursuant to the Contract, the Surety's obligations under this Bond are null and
void. Otherwise the Surety's obligations shall remain in full force and effect. The Surety waives any
requirement to be notified of alterations or extensions of time made by the Owner in the Contract. The Owner
may not invoke the provisions of this Bond unless the Owner has performed its obligations pursuant to the
Contract. Upon making demand on this Bond, the Owner shall make the Contract Balance (the total amount
payable by the Owner to the Design -Builder pursuant to the Contract less amounts properly paid by the
Owner to the Design -Builder) available to the Surety for completion of the construction work.
2. SURETY OBLIGATIONS. If the Design -Builder is in default pursuant to the Contract and the Owner has
declared the Design -Builder in default, the Surety promptly may remedy the default or shall:
a. Complete the construction work with the consent of the Owner, through the Design -Builder or otherwise;
b. Arrange for the completion of the construction work by a design -builder acceptable to the Owner and
secured by performance and payment bonds equivalent to those for the Contract issued by a qualified
surety. The Surety shall make available as the construction work progresses sufficient funds to pay the
cost of completion of the construction work less the Contract Balance up to the Bond Sum or
c. Waive its right to complete the construction work and reimburse the Owner the amount of its reasonable
costs, not to exceed the Bond Sum, to complete the construction work less the Contract Balance.
3. NO LIABILITY FOR DESIGN. Pursuant to Article 2 of the Bond, the Surety shall be liable for all
construction costs of the Work, up to the Bond Sum, but shall not be liable for any costs or damages arising
from any design services provided pursuant to the Contract,
4. DISPUTE RESOLUTION. All disputes pursuant to this Bond shall be instituted in any court of competent
jurisdiction in the location in which the Project is located and shall be commenced within two years after
default of the Design -Builder or Substantial Completion of the Work, which ever occurs first. If this
provision is prohibited by law, the minimum period of limitation available to sureties in the jurisdiction shall
be applicable.
This Bond is entered into as of
DESIGN -BUILDER: SURETY:
By:
Print Name:
Print Title:
'Witness:
By:
Print Name:
Print Title: Attorney -In -Fact and Florida Resident:
Agent _.