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<br />SECTION 15
<br />FORM OF PAYMENT BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />
<br />That, pursuant to the requirements of Florida Statute 255.05, we,
<br />as Principal, hereinafter called Contractor, and, as Surety,
<br />are bound to the City of Sunny Isles Beach, Florida, as Obligee, hereinafter called City, in the amount of [type in
<br />amount ] Dollars ($ ) for the payment whereof Contractor and Surety
<br />bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally.
<br />
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Contract No. [type in RFP
<br />No. ], awarded the day of , 2008, with in accordance
<br />with contract documents prepared by the City of Sunny Isles Beach, which Contract is by reference made a part
<br />hereof, and is hereafter referred to as the Contract;
<br />
<br />THE CONDITION OF THIS BOND is that if the Contractor:
<br />
<br />15.1. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages for delay
<br />and 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 15.2. Promptly makes payments to all claimants as defined
<br />by Florida Statute 255.05(1) supplying Contractor with all labor, materials and supplies used directly or indirectly by
<br />Contractor in the prosecution of the Work provided for in the Contract, then this obligation shall be void; otherwise, it
<br />shall remain in full force and effect subject, however, to the following conditions:
<br />
<br />15.2.1. A claimant, except a laborer, who is not in privity with the Contractor and who has not received
<br />payment for their labor, materials, or supplies shall, within forty-five (45) days after beginning to furnish
<br />labor, materials, or supplies for the prosecution of the Work, furnish to the Contractor a notice that they
<br />intend to look to the Bond for protection.
<br />
<br />15.2.2. A claimant who is not in privity with the Contractor and who has not received payment for their
<br />labor, materials, or supplies shall, within ninety (90) days after performance of the labor, or after complete
<br />delivery of the materials or supplies, deliver to the Contractor and to the Surety, written notice of the
<br />performance of the labor or delivery of the materials or supplies and of the non-payment.
<br />
<br />15.2.3. No action for the labor, materials, or supplies may be instituted against Contractor or the Surety
<br />unless the notices stated under the preceding paragraphs 15.2.1 and 15.2.2 have been given.
<br />
<br />15.2.4. Any action under this Bond must be instituted in accordance with the Notice and Time Limitations
<br />provisions prescribed in Section 255.05(2), Florida Statutes.
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