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<br /> SJ NNY /S'!
<br /> PERFORMANCE BOND
<br /> City of Sunny Isles Beach Bond No. K08842954
<br /> 18070 Collins Avenue
<br /> ' Sunny Isles Beach,FL 33160
<br /> I Uµ
<br /> Telephone:(305)947-0606 Fax:(305)949-3113
<br /> FORM OF PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS:
<br /> That, pursuant to the requirements of Florida Statute 255.05, we,
<br /> AUDIO VISUAL INNOVATIONS, INC. as Principal, hereinafter called
<br /> Contractor, and WESTCHESTER FIRE INSURANCE COMPANY , as Surety, are bound to the City of Sunny
<br /> Isles Beach, Florida, as Obligee, hereinafter called City, in the amount of Eighty Six Thousand Two Hundred Seventy Four&57/100
<br /> Dollars ($ 86,274.57 ) for the payment whereof Contractor and Surety bind themselves, their heirs,
<br /> executors, administrators, successors and assigns,jointly and severally.
<br /> 121 -
<br /> C 3 059
<br /> WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No.:-47-40-84;
<br /> awarded the 6th day of September , 20 13 , with 4e+dseape in accordance with
<br /> contract documents prepared by the City of Sunny Isles Beach, which Contract is by reference made a part
<br /> hereof, and is hereafter referred to as the Contract; Audio Visual System Upgrade
<br /> THE CONDITION OF THIS BOND is that if the Contractor:
<br /> 15.1. Fully performs the Contract between the Contractor and the City for services described within (Bid No.
<br /> C1213-059 )within calendar days after the date of Contract commencement as specified in the
<br /> Notice to Proceed and in the manner prescribed in the Contract; and
<br /> 15.2. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages for
<br /> delay and other consequential damages caused by or arising out of the acts, omissions or negligence of
<br /> Contractor), expenses, costs and attorney's fees including attorney's fees incurred in appellate proceedings, that
<br /> City sustains because of default by Contractor under the Contract; and
<br /> 15.3. Upon notification by the City corrects any and all defective or faulty Work or materials which appear within
<br /> one and one half(1 1/2)years, and:
<br /> 15.4. Performs the guarantee of all Work and materials furnished under the Contract for the time specified in
<br /> the Contract, then this Bond is void, otherwise it remains in full force. Whenever Contractor shall be, and
<br /> declared by City to be, in default under the Contract, the City having performed City's obligations there under, the
<br /> Surety may promptly remedy the default, or shall promptly:
<br /> 15.4.1. Complete the Contract in accordance with its terms and conditions; or
<br /> 15.4.2. Obtain a Bid or Bids for completing the Contract in accordance with its terms and conditions,
<br /> and upon determination by Surety of the best, lowest, qualified, responsible and responsive
<br /> Proposers, or, if the City elects, upon determination by the City, and Surety jointly of the best,
<br /> lowest, qualified, responsible and responsive Proposers, arrange for a Contract between such
<br /> Proposers and City, and make available as Work progresses (even though there should be a
<br /> default or a succession of defaults under the Contract or Contracts of completion arranged
<br /> under this paragraph) sufficient funds to pay the cost of completion less the balance of the
<br /> Contract Price; but not exceeding, including other costs and damages for which the Surety may
<br /> be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of
<br /> the Contract Price." as used in this paragraph, shall mean the total amount payable by City to
<br /> Contractor under the Contract and any amendments thereto, less the amount properly paid by
<br /> City to Contractor.
<br /> No right of action shall accrue on this Bond to or for the use of any person or corporation 9 e a y pe o o co pora on other than the City
<br /> named herein.
<br /> DECEMBER 28.2010 9 of 10
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