Reso 2010-1605 - Laserfiche WebLink

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. . supplies may be instituted against the Principal or Surety unless both notices have been given. An action, except for an action exclusively for recovery of retainage, must be instituted by a Claimant against the Principal and/or the Surety under the payment provisions of this bond within 1 year after the performance of the labor or completion of delivery of the materials or supplies. An action exclusively for recovery of retainage must be instituted against the Principal or the Surety within 1 year after the performance of the labor or completion of delivery of the materials or supplies, or within 90 days after the contractor'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), whichever comes last. 2. Any claim by the Obligee under this bond shall accrue no later than the first to occur of: (a) the date the obligee declares the Principal to be in default under the Contract; (b) the date final payment is made under the Contract (or the date of 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); or (c) the date Obligee makes claim against this bond. 3. The amount of this bond shall be reduced by and to the extent of any payment or payments made by Surety in good faith hereunder whether made directly to Obligee or Claimant(s) or otherwise in discharge of Principal's obligations. The Surety's liability hereunder to the Obligee and all Claimants is limited, singly, or in the aggregate, to the penal sum of the bond set forth herein. The Surety may, at its option, discharge all obligations under this bond by interpleading into the registry of any court of competent jurisdiction of the full unexonerated penal sum of this bond, or such portion thereof which will satisfy the obligations owed to the Obligee and/or the Claimant(s). This bond shall not be liable for any liability of the Principal for tortious acts, whether or not said liability is direct or is imposed by the Contract, and shall not serve as or be a substitute for or supplemental to any liability or other insurance required by the Contract. 4. This bond IS CONDITIONED UPON the same being properly recorded in the Public Records of the County where the improvement is located in accordance with Florida Statutes ~255.05(1 )(a). In the event this bond is not so recorded it shall be NULL AND VOID. 5. This bond has been furnished to comply with the statutory requirements of Florida Statutes 255.05 et. seq. Any provision in this bond conflicting with or expanding the protections available under Florida Statutes 255.05 et. seq. shall be deemed deleted herefrom and provisions conforming to such statutory or legal requirements shall be deemed incorporated herein by this reference. The intent is that this bond shall be construed as a statutory bond and not as a common law bond. Signed and dated this 1 st day of FEBRUARY, 2011. Travelers Casualty and Surety Company of America BY~~~~~:.(~ -e. W:;'MA ON m,Attorney::in~act Performance and Payment Bond - Page 2 of 2