Reso 2014-2292 - Laserfiche WebLink

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City of Sunny Isles Beach 18070 Collins Avenue, Sunny Isles Beach, Florida 33160 (3 05) 947 -0606 phone (3 05) 949-3 11 3 Fax other charges to the City for supplies, labor, taxes, licenses, permits, overhead or any other expenses or costs unless any such expense or cost is incurred by Contractor with the prior written approval of the City. If the City disputes any charges on the invoices, it may make payment of the uncontested amounts and withhold payment on the contested amounts until they are resolved by agreement with Contractor. Contractor shall not pledge the City's credit or make it a guarantor of payment or surety for any contract, debt, obligation, judgment, lien, or any form of indebtedness. The Contractor further warrants and represents that it has no obligation or indebtedness that would impair its ability to fulfill the terms of this Agreement. 5. LIQUIDATED DAMAGES AND OTHER REMEDIES FOR DELAY. In the event that a) the vehicular gate along Collins Avenue and all related components are not installed by October 29, 2014; and /or b) the pedestrian gate along Bayview Drive and all its related components are not installed by November 19, 2014, and in the absence of any extended deadline granted by City, then the Contractor shall be required to pay a liquidated damage penalty of Four Hundred Dollars ($400.00) for each calendar day beyond these individual deadline periods, continuing to the time at which the Services are complete. Such amount is the actual cash value agreed upon as the loss to City resulting from Contractor's delay. Additionally, the City shall also be entitled to withhold 50% of the total Compensation to be paid to Contractor until final completion and acceptance of the Services. 6. PERFORMANCE BOND 6.1 With the execution and delivery of this Agreement, the Contractor shall furnish the following Performance bond in forni contained herein: a. Performance Bond guaranteeing full and faithful execution of the Services in an amount equal to 100 percent of the Compensation as set forth in Section 4 above, and including guaranteed repair and maintenance of all defects due to faulty materials and workmanship that appear within one year after final completion of Services. 6.2 The Performance Bond shall be executed by Surety authorized to do business in the State of Florida and listed on the latest U.S. Treasury Department list of companies holding certificates of authority as acceptable sureties on Federal Bonds. 6.3 The Performance Bond shall be executed by an Attorney -in -Fact on behalf of the Surety, shall have affixed thereto a certified and current copy of Power of Attorney, indicating the monetary limit of such power. 6.4 Qualifications: A Performance Bond must be executed by a Surety Company of recognized standing, authorized to do business in the State of Florida and having been in business with a record of successful continuous operation for at least (5) years. In addition to the above minimum qualifications, the Surety Company must meet the following additional qualifications. 1. The City will accept a surety bond from a company with a rating of B ++ or better for bonds up to $1 million, provided, however, that if any Surety Company appears on the watch list that is published quarterly by Intercom of the Office of the Florida Insurance Commissioner, 3