Reso 2002-442 - Laserfiche WebLink

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Performance Bond Westfield Insurance Co. Westfield Group SM Westfield Center, Ohio 44251-5001 KNOW ALL MEN BY THESE PRESENTS: Bond No. 5885029 That Vila & Son Landscaping Corp, 20451 SW 216th Street, Miami, FL 33170 (Insert name and address, or legal title, of contractor) as Principal, hereinafter called Contractor, and WESTFIELD INSURANCE COMPANY, an Ohio Corporation, with principal office at Westfield Center, Ohio, as Surety, hereinafter called Surety, are held and firmly bound unto City of Sunny Isles Beach (Insert name and address, or legal title, of owner) as Obligee, hereinafter called Owner in the amount of eight hundred fortv-one thousand nine hundred sixtv-six and none Dollars ($ 841,966.00 ) for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Contractor has by written agreement dated entered into a Contract with Owner for Landscape Improvements SR A1A (Collins Avenue) in accordance with drawings and specifications prepared by O'Leary Design Associates, P .A. (Insert full name and title) which Contract is by reference made a part hereof, and is hereinafter referred to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's obligation thereunder, the Surety may promptly remedy the default, or shall promptly (1) Complete the Contract in accordance with its terms and conditions, or (2) Obtain a bid or bids for submission to Owner for completing the Contract in accordance with its terms and conditions, and upon determination by Owner and Surety of the lowest responsible bidder, arrange for a contract between such bidder and Owner and make available as work progresses (even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price", as used in this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner of Contractor. Any suit under this bond must be instituted before the expiration of two (2) years from the date on which Contractor ceases work on the Contract. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or the heirs, executors, administrators or successors of Owner. Signed this 6th day of May ,2002 By: By: BD 5047W (01-2000)