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<br />FORM OF PERFOR,\.1ANCE AND P A Yrv1ENT BOND <br /> <br />KNOW ALL MEN BY THESE PRESENTS <br /> <br />That we <br /> <br />as Principal, after this called Contractor, and <br /> <br />, as Surety, are bound to City of Oakland Park, Florida, as <br />Oblige, after this called City, in the amount of <br /> <br />Dollars ($ ) for the payment whereof Contractor and Surety bind themselves, their <br />heirs, executors, administrators, successors and assigns, jointly and severally, <br /> <br />\VHEREAS, Contractor, has by written agreement entered a Contract, awarded the_day of <br />, with City for <br />which contract is by reference made a part hereof, and is from now on called the Contract; <br /> <br />THE CONDITION OF THIS BOND is that if the Contractor: <br /> <br />1. <br /> <br />Performs the Contract between the Contractor and the City for construction of <br />being made a part of this Bond by reference, at the times and <br />in the manner prescribed in the Contract; and <br /> <br />the Contract <br /> <br />2. Promptly makes payments to all claimants, as defined in Section 255,05 (]), Florida Statutes, <br />supplying Contractor with labor, materials, or supplies, used directly or indirectly by Contractor in <br />the prosecution of the work provided for in the CONTRACT; and <br /> <br />3. Pays City all losses, damages, expenses, costs and attorneys fees including appellate proceedings, <br />that City sustains because of default by Contractor under the Contract; and <br /> <br />4. Performs the guarantee of all work and materials furnished under the Contract for the time <br />specified in the Contract, this Bond is void, Otherwise, it remains in full force, <br /> <br />This Bond will continue in effect for one year after completion and acceptance of the work. <br /> <br />The Surety hereby waives notice of and agrees that any changes in or under the Contract documents and <br />compliance or noncompliance with any formalities connected with the Contract or the changes do not <br />affect Surety's obligation under this Bond. <br /> <br />\Vhenever the contractor will be, and declared by City to be, in default under the Contract, the City having <br />performed City's obligations thereunder, the Surety may promptly remedy the default, or will promptly: <br />Complete the Contract according to its terms and conditions; or <br /> <br />-6 <br /> <br />SIB <br />