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SECTION 00614
<br />FORM OF PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, pursuant to the requirements of Florida Statute 255.05, we, , as Principal,
<br />hereinafter called Contractor, and , as Surety, are bound to the City of Sunny Isles Beach,
<br />Florida, as Obligee, hereinafter called City, in the amount of Dollars ($) for the payment
<br />whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly
<br />and severally.
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No.:05 -04 -02 , awarded
<br />the day of , 20 , with City for in accordance with
<br />drawings (plans) and specifications prepared by which Contract is by
<br />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 />1. Fully performs the Contract between the Contractor and the City for construction of
<br />, within calendar days after the date of Contract commencement as specified in the Notice
<br />to Proceed and in the manner prescribed in the Contract; and
<br />2. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages for delay and
<br />other consequential damages caused by or arising out of the acts, omissions or negligence of Contractor),
<br />expenses, costs and attorney's fees including attorney's fees incurred in appellate proceedings, that City sustains
<br />because of default by Contractor under the Contract; and
<br />3. Upon notification by the City, corrects any and all defective or faulty Work or materials which appear within
<br />one and one half (1 1/2) years, and:
<br />4. Performs the guarantee of all Work and materials furnished under the Contract for the time specified in the
<br />Contract, then this Bond is void, otherwise it remains in full force.
<br />Whenever Contractor shall 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 shall promptly:
<br />4.1 Complete the Contract in accordance with its terms and conditions; or
<br />4.2 Obtain a Bid or Bids for completing the Contract in accordance with its terms and conditions, and
<br />upon determination by Surety of the best, lowest, qualified, responsible and responsive BIDDER, or,
<br />if the City elects, upon determination by the City, and Surety jointly of the best, lowest, qualified,
<br />responsible and responsive BIDDER, arrange for a Contract between such BIDDER and City, and
<br />make available as Work progresses (even though there should be a default or a succession of defaults
<br />under the Contract or Contracts of completion arranged under this paragraph) sufficient funds to pay
<br />the cost of completion less the balance of the Contract Price; but not exceeding, including other costs
<br />and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph
<br />hereof. The term "balance of the Contract Price." as used in this paragraph, shall mean the total
<br />amount payable by City to Contractor under the Contract and any amendments thereto, less the amount
<br />properly paid by City to Contractor.
<br />No right of action shall accrue on this Bond to or for the use of any person or corporation other than the City named
<br />herein.
<br />00614- 1
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