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<br />SECTION 15
<br />FORM OF PAYMENT BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />
<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
<br />Beach, Florida, as Obligee, hereinafter called City, in the amount of [type in amount ]
<br />Dollars ($ ) for the payment whereof Contractor and Surety bind
<br />themselves, their heirs, executors, administrators, successors and assigns, jointly and severally.
<br />
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No. 08-10-
<br />01, awarded the day of , 20 , for the SR AlA/Collins
<br />Avenue Streetscape Improvements Project 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
<br />the Contract;
<br />
<br />THE CONDITION OF THIS BOND is that if the Contractor:
<br />
<br />15.1. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages
<br />for delay and other consequential damages caused by or arising out of the acts, omissions or negligence
<br />of Contractor), expenses, costs and attorney's fees including attorney's fees incurred in appellate
<br />proceedings, that City sustains because of default by Contractor under the Agreement; and
<br />
<br />15.2. Promptly makes payments to all claimants as defined by Florida Statute 255.05(1) supplying
<br />Contractor with all labor, materials and supplies used directly or indirectly by Contractor in the
<br />prosecution of the Work provided for in the Agreement, then this obligation shall be void; otherwise, it
<br />shall remain in full force and effect subject, however, to the following conditions:
<br />
<br />15.2.1. A claimant, except a laborer, who is not in privity with the Contractor and who has not
<br />received payment for their labor, materials, or supplies shall, within forty-five (45) days
<br />after beginning to furnish labor, materials, or supplies for the prosecution of the Work,
<br />furnish to the Contractor a notice that they intend to look to the Bond for protection.
<br />
<br />15.2.2. A claimant who is not in privity with the Contractor and who has not received payment
<br />for their labor, materials, or supplies shall, within ninety (90) days after performance of
<br />the labor, or after complete delivery of the materials or supplies, deliver to the
<br />Contractor and to the Surety, written notice of the performance of the labor or delivery
<br />of the materials or supplies and of the non-payment.
<br />
<br />15.2.3. No action for the labor, materials, or supplies may be instituted against Contractor or
<br />the Surety unless the notices stated under the preceding paragraphs 15.2.1 and 15.2.2
<br />have been given.
<br />
<br />15.2.4. Any action under this Bond must be instituted in accordance with the Notice and Time
<br />Limitations provisions prescribed in Section 255.05(2), Florida Statutes.
<br />
<br />The Surety hereby waives notice of and agrees that any changes in or under the Contract Documents
<br />and compliance or noncompliance with any formalities connected with the Contract or the changes do not
<br />
<br />PAGE 72 OF 130
<br />BID No. 08-10-01
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