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PERFORMANCE BOND
<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
<br />-------------------- - - - - -- as Prin
<br />as Surety, are bound to the
<br />hereinafter called City, in the amount of -------
<br />) for the payment whereof Contractor and
<br />administrators, successors and assigns, jointly and severally.
<br />WHEREAS,
<br />of Florida Statute 255.05, we,
<br />eipal, hereinafter called Contractor, and
<br />City of Sunny Isles Beach, Florida, as Obligee,
<br />- ------------------ - - - - -- Dollars (S
<br />Surety bind themselves, their heirs, executors,
<br />Contractor has by written agreement entered into a Contract, Bid /Contract No.:
<br />awarded the day of , 20 , for
<br />___ - - -- in accordance with contract documents prepared by the City of
<br />Sunny Isles Beach, which Contract is by reference made a part hereof, sand is hereafter referred to as the Contract;
<br />THE CONDITION OF
<br />16.1. Fully performs
<br />date of Contract
<br />Contract; and
<br />16.2. Indemnifies and pays (
<br />and other consequential dams
<br />expenses, costs and attorney's
<br />because of default by Contract
<br />16.3. Upon notification by the
<br />one and one half (1 1/2) years,
<br />BOND is that if thelContractor:
<br />\specified act be ween the Co tractor and the City for
<br />id No. )within calendar days after the
<br />ied in th Notice to oceed a d in the manner prescribed in the
<br />damage (specificall in ludin , bu not limited to, damages for delay
<br />or ansi g out of t e acts, omisslo s or negligence of Contractor),
<br />g torne 's fees in rred in appellat proceedings, that City sustains
<br />Con act; nd
<br />ity, corrects any a6# 011 defecjive or faulty Work or materials which appear within
<br />16.4. 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 declared
<br />by City to be, in default under the Contract, the City having performed City's obligations thereunder, the Surety
<br />may promptly remedy the default, or shall promptly:
<br />16.4.1. Complete the Contract in accordance with its terms and conditions; or
<br />16.4.2. Obtain a Bid or Bids for completing the Contract in accordance with its terms and conditions, and
<br />upon determination by Surety of the best, lowest, qualified, responsible and responsive Bidder,
<br />or, if the City elects, upon determination by the City, and Surety jointly of the best, lowest,
<br />qualified, responsible and responsive Bidder, arrange for a Contract between such Bidder and
<br />City, and make available as Work progresses (even though there should be a default or a
<br />succession of defaults under the Contract or Contracts of completion arranged under this
<br />paragraph) sufficient funds to pay the cost of completion less the balance of the Contract Price;
<br />but not exceeding, including other costs and damages for which the Surety may be liable
<br />hereunder, the amount set forth in the first paragraph hereof. The term "balance of the Contract
<br />Price." as used in this paragraph, shall mean the total amount payable by City to Contractor under
<br />the Contract and any amendments thereto, less the amount properly paid by City to Contractor.
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