Reso 2014-2318 - Laserfiche WebLink

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• SAMSON OCEAN FRONT PARK, ID# 21988 to the COUNTY an executed maintenance bond or alternate security deposit acceptable to the DEPARTMENT, which guarantees the warranty. If it becomes necessary to repair and/or replace any of the facilities during the initial one (1) year period, then the warranty as to those items repaired and/or replaced shall continue to remain in effect for an additional period of one (1) year from the date of final acceptance by the COUNTY of those repairs and/or replacement. The bond shall be in the amount equal to the sum of those portions of the actual cost of construction of said facilities as follows: Types of Facilities Percentage of Actual Construction Cost Gravity sewers 50 The bonds shall have as the surety thereon only such surety company as is acceptable to the COUNTY and which is authorized to write bonds of such character and amount under the laws of the State of Florida. A surety company must have a Best's Key Rating Guide General Policyholder's Rating of"A" or better and a Financial Category of Class "V" or better or be acceptable to the COUNTY. The attorney-in-factor other officer who signs a bond must file with such bonds a certified copy of his power-of-attorney authorizing him to do so. The Maintenance Bond may be written with the DEVELOPER'S contractor as "Principal" and the DEVELOPER and the COUNTY as "Co-obligees" or the COUNTY as sole "Obligee". In the alternative, the DEVELOPER may be named as "Principal" and the COUNTY as "Obligee". The Maintenance Bond shall remain in force for one (1) year following the date of final acceptance by the COUNTY of the work done pursuant to this Agreement to protect the COUNTY against losses resulting from any and all defects in materials or improper performance of work. If there is no building construction underway within the DEVELOPER'S property at the time of conveyance, the COUNTY shall have the right to require that the term of the Maintenance Bond be extended for a period not to exceed an additional two (2) years. Upon demand by the COUNTY, the DEVELOPER shall cause to be corrected all such defects which are discovered within the warranty period or periods as set forth above, failing which the COUNTY shall make such repairs and/or replacements of defective work and/or materials and the DEVELOPER and/or its Surety shall be liable to the COUNTY for all costs arising therefrom. The DEVELOPER also warrants that it shall be solely responsible for the repair of any damages to said facilities caused by persons in its employment. 19. TERM OF AGREEMENT. Both the DEVELOPER and the COUNTY recognize that time is of the essence and that this Agreement shall be deemed null and void and unenforceable if the DEVELOPER fails to comply with any of the following conditions, where applicable: a. After execution of this Agreement, work on the sewer facilities shall Page 7 of 12