HomeMy WebLinkAboutExhibit 7FORM OF PERFORMANCE BOND (Page lof 3)
BY THIS BOND, We , as Principal,
hereinafter called Construction Manager, and , as Surety,
are bound to the City of Miami, Florida, as Obligee, hereinafter called City, in the amount of
Dollars ($ ) for the payment whereof
Construction Manager and Surety bind themselves, their heirs, executors, administrators,
successors and assigns, jointly and severally.
WHEREAS, Contractor has by written agreement entered into this Agreement, 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 "Agreement";
THE CONDITION OF THIS BOND is that if Construction Manager:
1. Performs the Agreement between Construction Manager and City for construction of
, the Agreement being made a
part of this Bond by reference, at the times and in the manner prescribed in the
Agreement; 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 Construction Manager
under the Agreement; and
3. Performs the guarantee of all Construction Work and materials furnished under the
Agreement for the time specified in the Agreement; then THIS BOND IS VOID,
OTHERWISE IT REMAINS IN FULL FORCE AND EFFECT.
4. Whenever Construction Manager shall be, and declared by City to be, in default under the
Agreement, City having performed City obligations thereunder, 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
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00710. FORM OF PERFORMANCE BOND (Page 2 of 3)
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 Agreement or
contracts of completion arranged under this paragraph) sufficient funds to pay
the cost of completion less the balance of the GMP; 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 GMP," as used in this paragraph, shall mean the total amount payable by
City to Construction Manager under the Agreement and any amendments
thereto, less the amount properly paid by City to Construction Manager.
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
Agreement or the changes does not affect Surety's obligation under this Bond.
Signed and sealed this day of , 20
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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.:
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