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<br />® PINYlS
<br /> SV CFS
<br /> �° y' PERFORMANCE BOND
<br />® 18070 Collins Avenue
<br />® U r_ Z
<br /> Sunny Isles Beach,Ft.33160
<br /> y�v f • Telephone:(305)947-0606 Fax:(305)949-3113
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<br /> FORM OF PERFORMANCE BOND
<br /> 0
<br />• KNOW ALL MEN BY THESE PRESENTS:
<br />® That, pursuant to the requirements of Florida Statute 255.05, we,
<br />® , as Principal, hereinafter called Contractor, and
<br />• _ , as Surety, are bound to the City of Sunny Isles Beach, Florida, as Obligee,
<br /> hereinafter called City, in the amount of Dollars ($
<br />® ) for the payment whereof Contractor and Surety bind themselves, their heirs, executors,
<br />• administrators, successors and assigns, jointly and severally.
<br />® WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No.:
<br />® , awarded the day of , 20 , for
<br /> • in accordance with contract documents prepared by the City of
<br /> ® Sunny Isles Beach, which Contract is by 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 /> ® 16.1. Fully performs the Contract between the Contractor and the City for
<br /> ® (Bid No. ) within calendar days after the
<br /> • date of Contract commencement as specified in the Notice to Proceed and in the manner prescribed in the
<br /> • Contract; and
<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
<br /> •
<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:
<br /> •
<br /> • 16.4. Performs the guarantee of all Work and materials furnished under the Contract for the time specified in
<br /> the Contract, then this Bond is void, otherwise it remains in full force. Whenever Contractor shall be, and declared
<br /> • by City to be, in default under the Contract, the City having performed City's obligations thereunder, the Surety
<br /> • may promptly remedy the default, or shall promptly:
<br /> • 16.4.1. Complete the Contract in accordance with its terms and conditions; or
<br /> ®
<br /> 16.4.2.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,
<br /> ® or, if the City elects, upon determination by the City, and Surety jointly of the best, lowest,
<br /> qualified, responsible and responsive Bidder, arrange for a Contract between such Bidder and
<br /> ® City, and make available as Work progresses (even though there should be a default or a
<br /> ® succession of defaults under the Contract or Contracts of completion arranged under this
<br /> paragraph) sufficient funds to pay the cost of completion less the balance of the Contract Price;
<br /> • but not exceeding, including other costs and damages for which the Surety may be liable
<br /> • hereunder, the amount set forth in the first paragraph hereof. The term "balance of the Contract
<br /> Price." as used in this paragraph, shall mean the total amount payable by City to Contractor under
<br /> • the Contract and any amendments thereto, less the amount properly paid by City to Contractor.
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