Reso 2011-1727 - Laserfiche WebLink

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DOLLARS ($10.00) represents specific consideration to the Contractor for the indemnification set forth in this Agreement. Article 11: Performance and Payment Bond 11.1 Performance and Payment Bond. Contractor shall provide the following performance and payment bond as security. 11.2 The Performance and Payment Bond shall be in an amount of Three Hundred and Sixty Two Thousand Nine Hundred Dollars ($362,900.00) guaranteeing to City the full payment of all suppliers, material, laborers, or Sub - Contractors employed pursuant to the Work described in this Agreement. The Performance and Payment Bond shall be with a Surety company meeting the qualifications of the Contract Documents. The Performance and Payment Bond shall continue in effect for one and one half years after final completion and acceptance of the Work described in this Agreement. Pursuant to the requirements of Section 255.05(1), Florida Statutes, Contractor shall ensure that the Performance and Payment Bond referenced above shall be recorded in the public records of Miami -Dade County and provide City with evidence of such recording. The Performance and Payment Bond must be executed by a Surety company authorized to do business in the State of Florida as a surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Surety company shall hold a current certificate of authority as acceptable surety on federal bonds in accordance with the United States Department of Treasury Circular 570, current Revisions. City will accept a surety bond from a company with a rating B+ or better. 11.3 Additionally, the performance and payment bond shall state as follows: "This bond is issued in compliance with Section 255.05, Florida Statutes (2001 Supp.), as may be amended. A claimant, except a laborer, who is not in privity with the Contractor shall, before commencing or not later than 45 days after commencing to furnish labor, materials, or supplies for the prosecution of the work, furnish the Contractor with a notice that he or she intends to look to the bond for protection. A claimant who is not in privity with the Contractor and who has not received payment for his or her labor, materials, or supplies shall deliver to the Contractor and to the surety written notice of the performance of the labor or delivery of the materials or supplies and of the nonpayment. The notice of nonpayment may be served at any time during the progress of the work or thereafter but not before 45 days after the first furnishing or labor, services, or materials, and not later than 90 days after the final furnishing of the labor, services or materials by the claimant or, with respect to rental equipment not later than 90 days after the date the rental equipment was last on the job site available for use. No action for the labor, materials, or supplies may be instituted against the Contractor or the surety unless both notices have been given. Notices required or permitted under this section may be served in accordance with S.713.18." 11.4 An action, except for an action exclusively for recovery of retainage, must be instituted against the Contractor or the surety on the performance and payment bond lJ C1011 -055 NAMIN CONSTRUCTION CO. INC. Page 7 of 15