HomeMy WebLinkAboutExhibit 8FORM OF PERFORMANCE BOND (Page 1 of 2)
BY THIS BOND, We as Principal,
hereinafter called Contractor, 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 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: 04-05-129, 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
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.
4. 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:
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 2)
4.2. 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 Tess 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 this 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
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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00720. FORM OF PAYMENT BOND (Page lot 2)
BY THIS BOND, We
hereinafter called Contractor, and
City of Miami, Florida, as
, as Principal,
, as Surety, are bound to the
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. 04-
05129, 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, sosts and attorney's fees including
appellate proceedings, that City sustains because of defgult by Contractor under the Contract;
and
2. Promptly makes payments to all claims - defined by Florida Statute 255.05(1) for all labor,
materials and supplies used directly or intl by Contractor in the performance of the
Contract;
THEN CONTRACTOR'S OBLI
IN FULL FORCE AND E
CONDITIONS:
2.1. A claimant, except a lab • er, who is not in privity with Contractor and who has not
received p nt for its labor, materials, or supplies shall, within forty-five (45) days
after beg ning furnish labor, materials, or supplies for the prosecution of the work,
furnish to ntrask or a notice that he intends to look to the bond for protection.
2.2. A claimant who not in privity with Contractor and who has not 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.
TION SHALL BE VOID; OTHERWISE, IT SHALL REMAIN
SUBJECT, HOWEVER, TO THE FOLLOWING
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00720. FORM OF PAYMENT BOND (Page 2 of 2)
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:
(Secretary)
(Corporate Seal)
IN THE PRESENCE OF:
By:
Contractor
(Name of Corporation)
(Signature)
(Print Name and Title
, 20
INSURANCE COMPANY:
Agent and Attorney -in -Fact
Address:
(Street)
(City/State/Zip Code)
Telephone No.:
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IN WITNESS WHEREOF, the parties have set their hands and seals on the day and year first
above written.
"City"
City Of Miami, a municipal
ATTEST: corporation
Priscilla A. Thompson, City Clerk
ATTEST:
Print Name:
Title:
APPROVED AS TO FORM AND
CORRECTNESS:
By:
Joe Arriola, City Manager
"Contractor"
CMC Construction,
a Florida corporatio
By:
Print Name:
Title:
A ROVED AS TO INSURANCE
1REMENTS:
Jorge L. Fernandez Risk Management Administrator
City Attorney
THE CITY REQUIRES FOUR (4) FULLY -EXECUTED AGREEMENTS, FOR DISTRIBUTION.
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