Reso 2010-1522 - Laserfiche WebLink

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-- and this Agreement. The Payment Bond shall be with a Surety company meeting the qualifications of the Request for Proposal and this Agreement. The Payment Bond shall continue in effect for one and one half years after final completion and acceptance of the work described in the Request for Proposal and this Agreement. Pursuant to the requirements of Section 255.05(1), Florida Statutes, Design-Builder shall ensure that the Payment Bond referenced above shall be recorded in the public records of Miami-Dade County and provide Owner with evidence of such recording. The Payment Bond must be executed by a Surety company authorized to do business in the State of Florida as a surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Surety company shall hold a current certificate of authority as acceptable surety on federal bonds in accordance with the United States Department of Treasury Circular 570, current Revisions. Owner will accept a surety bond from a company with a rating B+ or better. 10.2.2 Additionally, the payment bond shall state as follows: "This bond is issued in compliance with Section 255.05, Florida Statutes (2001 Supp.), as may be amended. A claimant, except a laborer, who is not in privity with the Design- Builder shall, before commencing or not later than 45 days after commencing to furnish labor, materials, or supplies for the prosecution of the work, furnish the Design-Builder with a notice that he or she intends to look to the bond for protection. A claimant who is not in privity with the Design-Builder and who has not received payment for his or her labor, materials, or supplies shall deliver to the Design-Builder and to the surety written notice of the performance of the labor or delivery of the materials or supplies and of the nonpayment. The notice of nonpayment may be served at any time during the progress of the work or thereafter but not before 45 days after the first furnishing or labor, services, or materials, and not later than 90 days after the final furnishing of the labor, services or materials by the claimant or, with respect to rental equipment not later than 90 days after the date the rental equipment was last on the job site available for use. No action for the labor, materials, or supplies may be instituted against the Design-Builder or the surety unless both notices have been given. Notices required or permitted under this section may be served in accordance with S.713.18." 10.2.3 An action, except for an action exclusively for recovery of retainage, must be instituted against the Design-Builder or the surety on the payment bond within one (1) year after the performance of the labor or completion of delivery of the materials or supplies. An action exclusively for recovery of retain age must be instituted against the Design-Builder or the surety within one (1) year after the performance of the labor or completion of delivery of the materials or supplies, or within ninety (90) days after the Design-Builder's receipt of final payment (or the payment estimate containing the Owner's final reconciliation of quantities if no further payment is earned and due as a result of deductive adjustments) by the Design-Builder or surety, whichever comes last. A claimant may not waive in advance his or her right to bring an action under the bond against the surety. In any action bought to enforce a claim against a payment bond under this section, the prevailing party is entitled to recover a reasonable fee for the services for his or her attorney for trial and appeal or for arbitration, in an amount to be determined by