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<br />SECTION 16
<br />FORM OF ~~CE BOND
<br />
<br />KNON ALl MEN BY THESE PRESENTS:
<br />
<br />l11at. ~ to the requirements of Aorida Statute 255.05, we,
<br />TeDe% Enterprises, Inc. . as Prindpal, hereinafter called
<br />Cunb..Ju, and First Sea10rd surety, J.nc. . as Surety, are bound to the City
<br />~'~ . ~as Obfigee, hereinafter called aty, in the amount of
<br />RiDe Ib..udred st' DoItars ($ 968,319.27 ) for the payment whereof
<br />ariI themselves, their heirs, executors,.administrators, successors and assigns,
<br />Jc*ItIY and SC\.'C:RIIy.
<br />
<br />WtEREAS, Cormacm. has by written agleement entered into a Contract, Bid/Contract No.: 08-
<br />1(H)1, cnwa.ded the n( day rI t"l~ , 20 0<1 , with SR AlA/Collins Avenue
<br />Sb~l;o "lIP ~ In aa:ordance wIh mntrad: documents prepared by O'Leary Richards Design
<br />~ ldt~ Inc. and Nvaez. Engineers, Inc., which Contract is by reference made a part hereof, and is
<br />tlClJ.- ~ed to as the Co..tJdd.
<br />
<br />1liE CONOmON OF THIS BOND is that if the Contractor:
<br />
<br />16.1. FtJty ~fonns the Contract between the Contractor and the SR AlA/Collins Avenue Streetscape
<br />~ (BId No. 08-10-01) within I W calendar days after the date of Contract
<br />\,&,IIlI1.IIe.cement as ~fted in the Notice to Proceed and in the manner prescribed in the Contract; and
<br />
<br />16..2. 1I.denIl.lles and pays CIty aD losses, damages (specifically including, but not limited to, damages
<br />for delay and other mnsequentiaI damages caused by or arising out rI the acts, omissions or negligence
<br />rI Co.abacm.), ~penses, costs and attDmey's fees including attorney's fees incurred in appellate
<br />proceedings, that Oty sustains because of default by Contractor under the Contract; and
<br />
<br />16.3. Upon notification by the aty, rorrects any and all defective or faulty Work or materials which
<br />appear with81 one and .one half (11f2) years, and:
<br />
<br />16.4. ~hlS the guarantee of all Work and materials furnished under the Contract for the time
<br />~ In the CDntract, then this Bond is void, otherwise it remains in full force. Whenever Contractor
<br />shall be, and declared by aty to be, in default under the Contract, the aty having performed Oty's
<br />obligations thereunder, the Surety may promptly remedy the default, or shall promptly:
<br />
<br />16.4.1. Complete the Contract in accordance with its terms and conditions; or
<br />
<br />16.4.2 Obtain a Bid or Bids for completing the Contract in aa:ordance with its terms and
<br />conditions, and upon determination of the Surety of the lowest, responsible and
<br />responsive Bidder, or, if the aty elects, upon determination by the City, and Surety
<br />jointly of the lowest:, responsible and responsive Bidder, arrange for a Contract
<br />between such Bidder and aty, and make available as Work progresses (even though
<br />there should be a default or a succession of defaults under the Contract or Contracts of
<br />completion arranged under this paragraph) sufficient funds to pay the cost of
<br />completion less the balance of the Contract Price; but not exceeding, including other
<br />costs and damages for which the Surety may be liable hereunder, the amount set forth
<br />In the first paragraph hereof. The term "balance of the Contract Price." as used in this
<br />paragraph, shall mean the total amount payable by Oty to Contractor. under the
<br />ConUact: and ~ny amendments thereto, less. the amount properly paid by City to
<br />Contractor. . .
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<br />PAGE 75 OF 130
<br />BID No. 08-10-01
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