HomeMy WebLinkAboutExhibit 16AMENDMENT #4
TO THE AGREEMENT
BETWEEN
THE CITY OF MIAMI
AND
SARMIENTO ADVERTISING GROUP, L.L.C.
FOR
BUS BENCH DESIGN, INSTALLATION AND MAINTENANCE
This Amendment is entered into this 20th day of July, 2004, by and between THE CITY
OF .MIAMI, a municipal corporation of the State of Florida, hereinafter referred to as "CITY"
and SARMIENTO ADVERTISING GROUP, L.L.C., a Florida limited liability company,
hereinafter referred to as "CONTRACTOR" for the purpose of modifying that certain agreement
between the CITY and CONTRACTOR for bus bench design, installation and maintenance (the
"Agreement") as follows:
WHEREAS, CITY and CONTRACTOR entered into an agreement for bus bench design,
installation and maintenance; and
WHEREAS, the Agreement required CONTRACTOR to deposit a bond in the amount of
Five Hundred Thousand Dollars ($500,000.00) with CITY to secure CONTRACTOR'S payment
obligations; and
WHEREAS, CITY and CONTRACTOR, in Amendment #1, agreed to temporarily
substitute Two Hundred Thousand Dollars ($200,000.00) cash for the payment bond until May
15, 2003; and
WHEREAS, CITY and CONTRACTOR in Amendment #2 extended the period for that
substitution to May 15, 2004; and
WHEREAS, the Agreement required CONTRACTOR to deposit a bond in the amount of
Two Hundred Fifty Thousand Dollars ($250,000.00) with CITY to secure CON' RACTOR'S
performance obligations; and
WHEREAS, CITY and CONTRACTOR in Amendment #2 temporarily substituted One
Hundred Thousand Dollars ($100,000.00) cash for said performance bond until May 15, 2004;
and
WHEREAS by Resolution No. R-04-0459, passed and adopted on July 8, 2004, the City
Commission of the City of Miami authorized a temporary reduction in the combined total of the
performance and payment bonds to $50,000.00 for a period of one year, and thereafter, a
permanent reduction in the combined total of the performance and payment bonds to
$250,000.00, and CITY AND CONTRACTOR wish to amend the Agreement to reflect this
reduction;
NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto do hereby covenant and agree as follows:
1. The Recitals and all statements contained therein are true and correct and are
hereby incorporated into this Amendment.
2. Paragraph 8.10 of Article VIII, entitled "Payment Bond or Letter of Credit is
deleted in its entirety and the following substituted in its place:
8.10 Cash Deposit, Bond or Letter of Credit. For the period
from April 18, 2002 through May 14, 2004 the CONTRACTOR shall
immediately deposit with the CITY cash in the amount of Two Hundred
Thousand Dollars ($200,000.00). On May 15, 2004, this amount shall be
reduced, for a period of one year, to Fifty Thousand Dollars ($50,000.00).
On May 16, 2005, CONTRACTOR shall pay for, deposit with the CITY,
and maintain in force at all times during the life of this Agreement, cash,
bond, or letter of credit in a form acceptable to the CITY, in the amount of
Two Hundred Fifty Thousand Dollars ($250,000.00). Upon City's receipt
of such cash, bond, or letter of credit acceptable to the City, the Fifty
Thousand Dollar ($50,000.00) cash deposit shall be returned to
CONTRACTOR. The cash, bond, or letter of credit deposited hereunder
shall insure CONTRACTOR's obligation to make payments to the CITY
under Article IV of this Agreement as well as secure the proper
construction and maintenance of the Bus Benches and City Panels, and
their removal and the restoration of the public rights -of -way, if such is
required by the CITY. In the event of a default by CONTRACTOR, and
in the event said default is not cured within any required notice and grace
periods, in addition to all other remedies available to the CITY, the CITY
shall have the right to retain all or part of the deposit and/or exercise its
rights to claim under the bond or letter of credit,
2. Paragraph 8.9 of Article VIII, entitled "Performance Bond." is deleted in its
entirety and the following substituted in its place:
8.9 Cash Deposit, Performance Bond or Letter of Credit.
For the period from April 18, 2002 through May 14, 2004, the
CONTRACTOR shall immediately deposit with the CITY cash in the
amount of One Hundred Thousand Dollars ' ($100,000.00). On May 15,
2004 these funds shall be returned to CONTRACTOR and the cash, bond,
or letter of credit, provided pursuant to Paragraph 8.10 below, in addition
to securing CONTRACTOR'S obligations to make payments to the CITY,
shall be used to secure the proper construction and maintenance of the Bus
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ihvAeea Annrh Amnnd tl4
Benches and City Panels, and their removal and the restoration of the
public rights -of -way.
3. Except as specifically provided herein, all other terms and conditions of the
Agreement shall remain in effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment #4 to the
Agreement Between The City Of Miami And Sarmiento Advertising Group, L.L.C. For Bus
Bench Design, Installation And Maintenance on the day and year first above written.
Witness:
B
Print Name & Title -•,
2fr ne ieCrr,, .
eie 4.iseirs Cf-
ATTEST:
Priscilla A. Thom• son
City Clerk
APPROVED AS TO FORM
AND CORRECTNESS
r.�
BY . • 1 illi! • •
Maria J. `Criaro
Interim City Attorney
SARMIENTO ADVERTISING GROUP, L.L.C.,
a Florida li 'ted liability company
"CONTRA' f •R"
Ma , . G i ermo Victoria
Corpo ate Executive Vice -President,
Publicidad Sarmiento of South Florida,
Inc., Managing Partner, Sarmiento
Advertising Group, L.L.C.
THE CITY OF MIAMI, a municipal
corporation of the of the State of Florida
"CITY"
oe Arriola
ity Manager
APPROVED AS TO INSURANCE
.REQUIREMENTS
By:
ix1oy-
Dania F. Carrillo, Administrator
Risk Management
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