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PERFORMANCE BOND
<br />City of Sunny Isles Beach
<br />18070 Collins Avenue
<br />Sunny Isles Beach, FL 33160
<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 />as Principal, hereinafter called
<br />Contractor, and , as Surety, are bound to the City of Sunny
<br />Isles Beach, Florida, as Obligee, hereinafter called City, in the amount of
<br />Dollars ($ ) for the payment whereof Contractor and Surety bind themselves, their heirs,
<br />executors, administrators, successors and assigns, Jointly and severally.
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Bid /Contract No.: 07- 10 -04,
<br />awarded the day of , 20 , with Landscape Services Maintenance 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;
<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 />) 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 (11/2) 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 other than the City
<br />named herein.
<br />DECEMeER28,2010
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