Reso 2017-2675 - Laserfiche WebLink

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City of Sunny Isles Beach 18070 Collins Avenue, Sunny Isles Beach, Florida 33160 (305) 947-0606 Phone (305) 949-3113 Fax The Principal and the Surety,jointly and severally, agree that said City shall have the right to correct insufficiencies in design, workmanship and/or materials in the event the Principal should fail or refuse to do within ninety (90) days after said written notice by the City Manager or his designee, pursuant to applicable City procurement procedures, and cause insufficiencies in design, workmanship and/or materials to be corrected. In such case, the Principal and Surety shall be jointly and severally liable hereunder to pay and indemnify said City upon the correction of said insufficiencies in design, workmanship and/or materials, the final total cost thereof, including but not limited to engineering, legal and contingent costs together with any damage, direct or consequential, which said City may sustain on account of the failure of the Principal to comply with all of the requirements hereof. Upon recommendation by the City Manager or his designee, upon compliance by the Principal with applicable conditions, as hereinabove stated, the Warranty Bond shall be released. Drafts made under this Warranty Bond shall be marked as "Drawn under Warranty Bond Number " and must be accompanied by any of the following: 1. Written notice by the City that the Principal failed to meet its obligations to perform or provide services; 2. Written notice by the City that the Principal, after required notice, failed to perform its obligation under the terms of its contracts or agreements as required by Florida law; or 3. Notice by the City that the Principal is insolvent, or is no longer in active operation, or is otherwise unable to meet its obligations and that the Principal is not satisfying said obligations. Partial draft by the City is permitted and surrender of this Warranty Bond will not be required for endorsements in such event. Venue for any administrative proceeding or judicial action from this Warranty Bond, including any action to enforce its terms against the Surety, shall be in Miami-Dade County, Florida. IN TESTIMONY WHEREOF, the above have hereunto set their hands and seals, by action causing their authorized representatives to sign these presents, pursuant to the authority of their governing bodies on this day of , 2017. [remainder of page intentionally left blank] Warranty Bond—ITB No. 16-09-02 Page 2 of 4