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<br />SECTION 16
<br />FORM OF PERFORMANCE BOND
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<br />KNOW ALL MEN BY THESE PRESENTS:
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<br />That, pursuant to the requirements of Florida Statute 255.05, we, , as
<br />Principal, hereinafter called Contractor, and , as Surety, are bound to the City of Sunny
<br />Isles Beach, Florida, as Obligee, hereinafter called City, in the amount of
<br />Dollars ($ ) for the payment whereof Contractor and Surety bind themselves, their heirs, executors,
<br />administrators, successors and assigns, jointly and severally.
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<br />WHEREAS, Contractor has by written agreement entered into a Contract, RFP No , awarded
<br />the day of , 2008 , with in accordance with contract
<br />documents prepared by the City of Sunny Isles Beach, which Contract is by reference made a part hereof, and is
<br />hereafter referred to as the Contract;
<br />T
<br />HE CONDITION OF THIS BOND is that if the Contractor:
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<br />16.1. Fully performs the Contract between the Contractor and the City for (RFP No.
<br />) within calendar days after the date of Contract commencement as specified in the
<br />Notice to Proceed and in the manner prescribed in the Contract; and
<br />
<br />16.2. 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
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<br />16.3. 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:
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<br />16.4. 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. Whenever Contractor shall be, and declared by City
<br />to be, in default under the Contract, the City having performed City's obligations thereunder, the Surety may promptly
<br />remedy the default, or shall promptly:
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<br />16.4.1. Complete the Contract in accordance with its terms and conditions; or
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<br />16.4.2. Obtain a Proposal or Proposals for completing the Contract in accordance with its terms and
<br />conditions, and upon determination by Surety of the best, lowest, qualified, responsible and responsive
<br />Proposer, or, if the City elects, upon determination by the City, and Surety jointly of the best, lowest,
<br />qualified, responsible and responsive Proposer, arrange for a Contract between such Proposer and City,
<br />and 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 the
<br />cost of completion less the balance of the Contract Price; but not exceeding, including other costs and
<br />damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof.
<br />The term "balance of the Contract Price." as used in this paragraph, shall mean the total amount payable by
<br />City to Contractor under the Contract and any amendments thereto, less the amount properly paid by City to
<br />Contractor.
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