HomeMy WebLinkAboutForm Of Performance Bond00710. FORM OF PERFORMANCE BOND (Page 1of 3)
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.: 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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City of Miami 58 Bid No. 04-06-101
4.2. Obtain a bid or bids for completing the Project in accordance with the
terms and conditions of the Contract Documents, and upon
00710. FORM OF PERFORMANCE BOND (Page 2 of 3)
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 less 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, less 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
City of Miami 59 Bld No. 04-05-101
00710. 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 Attomey-in-Fact
Address:
(Street)
(City/State/Zip Code)
Telephone No.:
►� /a -E.. c.
City of Miami 60 Bid No. 04-06-101
00720. FORM OF PAYMENT BOND (Page 1of 3)
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.: 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, costs and attorney's fees
including appellate proceedings, that City sustains because of default by
Contractor under the Contract; 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 Contract;
THEN CONTRACTOR'S OBLIGATION SHALL BE VOID; OTHERWISE, IT
SHALL ' REMAIN IN FULL FORCE AND EFFECT SUBJECT, HOWEVER, TO
THE FOLLOWING CONDITIONS:
2.1. A claimant, except a laborer, who is not in privity with Contractor and
who has not received payment for its labor, materials, or supplies shall,
within forty-five (45) days after beginning to furnish labor, materials, or
supplies for the prosecution of the work, furnish to Contractor a notice
that he intends to look to the bond for protection.
City of Mlaml 61 Bid No. 04-06-101
00720. FORM OF PAYMENT BOND (Page 2 of 3)
2.2. A claimant who is 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.
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:
Bv:
(Secretary)
(Corporate Seal)
Contractor
(Name of Corporation)
(Signature)
(Print Name and Title)
day of , 20
t---,/J• -+� . c.
City of Mlami 62 Bid No. 04-05-101
00720. 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.:
City of Miami 63 Bid No. 04-06-101
00721. CERTIFICATE AS TO CORPORATE PRINCIPAL
s MoMo r. �: /'� , certify that I am the
Secretary of the corporation named as Principal in the foregoing Performance
and Payment Bond (Performance Bond and Payment Bond); that
, who signed the Bond(s) on behalf of the
Principal, was then of said corporation; that I know his/her
signature; and his/her signature thereto is genuine; and that said Bond(s) was
(were) duly signed, sealed and attested to on behalf of said corporation by
authority of Its goveming body. ea\c-)% LI.As
(SEAL)
Corporation
STATE OF FLORIDA
SS
COUNTY OF MIAMI-DADE )
Before me, a Notary Public duly commissioned, qualified and acting
personally, appeared Marro no; r; to me
well known, who being by me first duly sworn upon oath says that he/she has
been authorized to execute the foregoing Performance and Payment Bond
(Performance Bond and Payment Bond) on behalf of Contractor named therein in
favor of City.
Subscribed and Sworn to before me this v: day of
bF•Qc- Mb, 20c .
My commission expires:
by
City of Miami
64
Notary Public, State of Florida at Large
Bonded N01ARY PURL/C.57AM OF FLORIDA
Christian V Masciatti
Commission #DD386456
Expires: JAN. 17, 2009
Bonded Titre Atlantic Bonding Co., Inc.
Bid No. 04-05-101
00735. PERFORMANCE AND PAYMENT GUARANTY FORM
UNCONDITIONAUIRREVOCABLE LETTER OF CREDIT: (Page 1 of 2)
Date of Issue
Issuing Bank's No.
Beneficiary: Applicant:
City of Miami
444 SW 2nd Avenue
Miami, Florida 33130
Amount:
in United States Funds
Expiry:
(Date)
Bid/Contract Number
We hereby authorize you to draw on
(Bank, Issuer name)
at by order
(branch address)
of and for the account of
(contractor, applicant, customer)
up to an aggregate amount, in United States Funds, of
available by your drafts at sight, accompanied by:
1. A signed statement from the City Manager or his authorized designee, that
the drawing is due to default in performance of certain obligations on the
part of (contractor, applicant, customer) agreed
upon by and between the City of Miami, Florida and
(contractor, applicant, customer), pursuant to the
Bid/Contract No. for (name of project) and
Section 255.05, Florida Statutes.
Drafts must be drawn and negotiated not later than
(expiration date)
City of Miami 65 BM No. 04-06-101
00735. PERFORMANCE AND PAYMENT GUARANTY FORM
UNCONDITIONAUIRREVOCABLE LETTER OF CREDIT: (Page 2 of 2)
Drafts must bear the clause: "Drawn under Letter of Credit
No. (Number), of (Bank
name) dated
This Letter of Credit shall be renewed for successive periods of one (1) year
each unless we provide the City of Miami with written notice of our intent to
terminate the credit herein extended, which notice must be provided at least thirty
(30) days prior to the expiration date of the original term hereof or any renewed
one (1) year term. Notification to the City that this Letter of Credit will expire prior
to performance of the contractor's obligations will be deemed a default.
This Letter of Credit sets forth in full the terms of our undertaking, and such
undertaking shall not in any way be modified, or amplified by reference to any
documents, instrument, or agreement referred to herein or to which this Letter of
Credit is referred or this Letter of Credit relates, and any such reference shall not
be deemed to incorporate herein by reference any document, instrument, or
agreement.
We hereby agree with the drawers, endorsers, and bona fide holders of all drafts
drawn under and in compliance with the terms of this credit that such drafts will
be duly honored upon presentation to the drawee.
Obligations under this Letter of Credit shall be released one (1) year after the
Final Completion of the Project by the
(contractor, applicant, customer)
This Credit is subject to the "Uniform Customs and Practice for Documentary
Credits," International Chamber of Commerce (1993 revision), Publication No.
500 and to the provisions of Florida law. If a conflict between the Uniform
Customs and Practice for Documentary Credits and Florida law should arise,
Florida law shall prevail. If a conflict between the law of another state or country
and Florida law should arise, Florida law shall prevail.
Authorized Signature
tvf�a .c.
City of Miami 66 Bid No. 04.06-101