HomeMy WebLinkAboutPerformance & Payment Guarantee Form• •
PERFORMANCE AND PAYMENT GUARANTY FORM
UNCONDITIONAL/IRREVOCABLE 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:
We hereby authorize you to draw on
in United States Funds
Expiry:
(Date)
Agreement Number
{Bank, Issuer name)
at by order
of and for the account of
(branch address)'
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
(Construction Manager, applicant, customer) agreed upon by and between the City of Miami,
Florida and (contractor, applicant, customer), pursuant to Bid/Contract No.
for (name of project) and Section 255.05, Florida Statutes.
Drafts must be drawn and negotiated not later than
(expiration date)
Little Haiti Park Cultural Center, B-30295 Page 88
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PERFORMANCE AND PAYMENT GUARANTY FORM
UNCONDITIONAL/IRREVOCABLE 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 Construction Manager'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
agreem ent.
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 conflict between the law of another state or country and Florida
m law should arise, Florida law shaprevail.
Authorized Signature
Little Haiti Park Cultural Center, B-30295 Page 89
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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
By:
Priscilla A. Thompson, City Clerk Joe Arriola, City Manager
ATTEST:
"Contractor"
Pirtle Construction Corrapany�,
a Florida corporatio.
By:
Print Name: Print Name:
Title: Title
APPROVED AS TO FORM AND
CORRECTNESS:
APPROVED AS TO INSURANCE
REQUIREMENTS:
Jorge L. Fernandez Risk Management Administrator
City Attorney
Dania Carrillo
THE CITY REQUIRES FOUR (4) FULLY -EXECUTED AGREEMENTS, FOR DISTRIBUTION.
Little Haiti Park Cultural Center, B-30295 Page 90