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SECTION 15
<br />FORM OF PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, pursuant to the
<br />Contractor, and
<br />of Sunny Isles Beach, Florida, as
<br />requirements of
<br />Obligee, hereinafte
<br />_ Dollars ($
<br />Contractor and Surety bind themselves, their heirs, executors,
<br />jointly and severally.
<br />Florida Statute 255.05, we,
<br />as Principal, hereinafter called
<br />as Surety, are bound to the City
<br />r called City, in the amount of
<br />) for the payment whereof
<br />administrators, successors and assigns,
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Proposal /Contract No.:
<br />07- 10 -04, awarded the day of , 20 , with Landscape Services
<br />Maintenance in accordance with contract documents prepared by the City of Sunny Isles Beach, which
<br />Contract is by reference made a part hereof, and is hereafter referred to as the Contract;
<br />THE CONDITION OF THIS BOND is that if the Contractor:
<br />15.1. Fully performs the Contract between the Contractor and the City for Landscape Maintenance
<br />Services (Proposal No. 10- 11 -01) within calendar days after the date of Contract
<br />commencement as specified in the Notice to Proceed and in the manner prescribed in the Contract; and
<br />15.2. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages
<br />for delay and other consequential damages caused by or arising out of the acts, omissions or negligence
<br />of Contractor), expenses, costs and attorney's fees including attorney's fees incurred in appellate
<br />proceedings, that City sustains because of default by Contractor under the Contract; and
<br />15.3. Upon notification by the City, corrects any and all defective or faulty Work or materials which
<br />appear within one and one half (1 1/2) years, and:
<br />15.4. Performs the guarantee of all Work and materials furnished under the Contract for the time
<br />specified in the Contract, then this Bond is void, otherwise it remains in full force. Whenever Contractor
<br />shall be, and declared by City to be, in default under the Contract, the City having performed City's
<br />obligations thereunder, the Surety may promptly remedy the default, or shall promptly:
<br />15.4.1. Complete the Contract in accordance with its terms and conditions; or
<br />15.4.2. Obtain a Proposal or Proposals for completing the Contract in accordance with its terms
<br />and conditions, and upon determination by Surety of the best, lowest, qualified,
<br />responsible and responsive Proposers, or, if the City elects, upon determination by the
<br />City, and Surety jointly of the best, lowest, qualified, responsible and responsive
<br />Proposers, arrange for a Contract between such Proposers and City, and make
<br />available as Work progresses (even though there should be a default or a succession of
<br />defaults under the Contract or Contracts of completion arranged under this paragraph)
<br />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
<br />liable hereunder, the amount set forth in the first paragraph hereof. The term
<br />"balance of the Contract Price." as used in this paragraph, shall mean the total amount
<br />payable by City to Contractor under the Contract and any amendments thereto, less
<br />the amount properly paid by City to Contractor.
<br />PAGE 97 OF 105
<br />PROPOSAL N0.
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