HomeMy WebLinkAboutExhibit 18Exhibit
Performance Bond
(To be Included prior to Execution)
Document 00415
PERFORMANCE AND PAYMENT BOND
BY THIS BOND, We , as
Principal, hereinafter called CONTRACTOR, and
, as Surety, are bound to the City of Miami,
Florida, hereinafter called CITY, hereinafter referred to as OBLIGEE, 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 attorneys
fees including appellate proceedings, that CITY sustains as a result of default
by CONTRACTOR under the Contract; and
3. 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 1N FULL FORCE AND EFFECT SUBJECT, HOWEVER, TO
THE FOLLOWING CONDITIONS:
3.1. A claimant, except a laborer, who is not in privity with
CONTRACTOR and who has not received payment for its labor,
MiraitREM
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Document 00416
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.
3.2. 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.
3.3. 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.
3.4. 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.
• 4. 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.
Whenever CONTRACTOR shall be, and is declared by CITY to be, in default
under the Contract, CITY having performed CITY obligations there under, 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
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 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
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Document 00416
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
WITNESSES/ATTEST: CONTRACTOR:
(Name of Contractor)
Secretary By:
(Signature)
(CORPORATE SEAL)
(Print Name and Title)
IN THE PRESENCE OF: INSURANCE COMPANY:
By:
Address:
Agent and Attorney -in -Fact
(Street)
(City/State/Zip Code)
Telephone No.:
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