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<br />PERFORMANCE BOND N n u./`
<br />City of Sunny Isles Beach I "�
<br />18070 Collins Avenue
<br />`S N'� 1ti
<br />Sunny Isles Beach, FL 33160
<br />Telephone: (305) 947-0606 Fax: (305) 949-3113
<br />FORM OF PERFORMANCE BOND �+
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, pursuant to the requirements of Florida Statute 255.05, we,
<br />as Principal, hereinafter called
<br />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,
<br />executors, administrators, successors and assigns, jointly and severally.
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No, awarded the
<br />day of , 20 , with in accordance with contract documents prepared by the City
<br />of Sunny Isles Beach, which Contract is by reference made a part hereof, and is hereafter referred to as the
<br />Contract;
<br />THE CONDITION OF THIS BOND is that if the Contractor:
<br />1. Fully performs the Contract between the Contractor and the City for services described within (Bid 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 />2. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages for
<br />delay and other consequential damages caused by or arising out of the acts, omissions or negligence of
<br />Contractor), expenses, costs and attorney's fees including attorney's fees incurred in appellate proceedings, that
<br />City sustains because of default by Contractor under the Contract; and
<br />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 />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
<br />declared by City to be, in default under the Contract, the City having performed City's obligations there under, the
<br />Surety may promptly remedy the default, or shall promptly:
<br />4.1. Complete the Contract in accordance with its terms and conditions; or
<br />4.2. Obtain a Bid or Bids for completing the Contract in accordance with its terms and conditions,
<br />and upon determination by Surety of the best, lowest, qualified, responsible and responsive
<br />Proposers, or, if the City elects, upon determination by the City, and Surety jointly of the best,
<br />lowest, qualified, responsible and responsive Proposers, arrange for a Contract between such
<br />Proposers and City, and make available as Work progresses (even though there should be a
<br />default or a succession of defaults under the Contract or Contracts of completion arranged
<br />under this paragraph) sufficient funds to pay the cost of completion less the balance of the
<br />Contract Price; but not exceeding, including other costs and damages for which the Surety
<br />may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance
<br />of the Contract Price." as used in this paragraph, shall mean the total amount payable by City
<br />to Contractor under the Contract and any amendments thereto, less the amount properly paid
<br />by City to Contractor.
<br />No right of action shall accrue on this Bond to or for the use of any person or corporation other than the City
<br />named herein.
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