HomeMy WebLinkAboutExhibit 8FORM OF PAYMENT 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, Construction Manager 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 pur.:poses of this Bond are hereafter
referred to as the "Agreement";
THE CONDITION OF THIS BOND is that if Construction Manger:
1. Pays City all losses, liquidated damages, expenses, Costs' and attorney's fees including appellate
proceedings, that City sustains because''' of default by Construction Manager under the
Agreement; 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
Agreement;
THEN CONSTRUCTION'�MANAGER 'S OBLIGATION SHALL BE VOID; OTHERWISE,
vt�
IT SHALL REMAIN INFULL FORCE AND EFFECT SUBJECT, HOWEVER, TO THE
FOLLOWING CONI .ITIiNS:
2.1. A claimant, except a laborer, who is not in privity with Construction Manager and
who has not received payment for its labor, materials, or supplies shall, within forty-
five (45) days after beginning to furnish labor, materials, br 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 Construction Manager and who has not received
payment for its labor, materials, or supplies shall, within ninety
Little Haiti Park Page 84
FORM OF PAYMENT BOND (Page 2 of 3)
(90) days after performance of the labor or after complete delivery of the materials or
supplies, deliver to Construction Manager 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 Construction
Manager 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
Agreement or the changes does not affect the Surety's oblgation'un"cer this Bond.
Signed and sealed this day of
ATTEST:
(Secretary)
(Corporate Seal)
, 20
Construction Manager
(Name of Corporation)
(Signature)
(Print Name and Title)
day of , 20
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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.:
',:•:..N..,.....
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