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<br /> SJNNY is •
<br /> Ci` , e As detailed on page 23, Performance
<br /> PERFORMANCE B OND Bond in the amount of 0%is required.
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<br /> 18070 Collins Avenue
<br /> Sunny Isles Beach,FL 33160
<br /> Telephone:(305)947-0606 Fax:(305)949-3113
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<br /> t9'' FL00.‘0 `'b.
<br /> c T r°` 5U" FORM OF PERFORMANCE BO •
<br /> ND
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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, •
<br /> , as Principal, hereinafter called Contractor, and
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<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
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<br /> in accordance with contract documents prepared by the City of A
<br /> Sunny Isles Beach,which Contract is by reference made a part hereof,and is hereafter referred to as the Contract;
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<br /> THE 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 •
<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 •
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<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
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<br /> because of default by Contractor under the Contract; and
<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 /> 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 /> 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,
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<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
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<br /> the Contract and any amendments thereto, less the amount properly paid by City to Contractor.
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