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<br />SECTION 16
<br />FORM OF PERFORMANCE 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
<br />Contractor, and , as Surety, are bound to the City
<br />of Sunny Isles Beach, Florida, as Obligee, hereinafter called City, in the amount of
<br />Dollars ($ ) for the payment whereof
<br />Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns,
<br />jointly and severally.
<br />
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No.: 08-
<br />10-01, awarded the day of , 20 , with SR AlA/Collins Avenue
<br />Streetscape Improvements in accordance with contract documents prepared by O'Leary Richards Design
<br />Associates, Inc. and Alvarez Engineers, Inc., which Contract is by reference made a part hereof, and is
<br />hereafter referred to as the Contract;
<br />
<br />THE CONDITION OF THIS BOND is that if the Contractor:
<br />
<br />16.1. Fully performs the Contract between the Contractor and the SR AlA/Collins Avenue Streetscape
<br />Improvements (Bid No. 08-10-01) within calendar days after the date of Contract
<br />commencement as specified in the Notice to Proceed and in the manner prescribed in the Contract; and
<br />
<br />16.2. 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 Contract; and
<br />
<br />16.3. Upon notification by the City, corrects any and all defective or faulty Work or materials which
<br />appear within one and one half (11/2) years, and:
<br />
<br />16.4. Performs the guarantee of all Work and materials furnished under the Contract for the time
<br />specified in the Contract, then this Bond is void, otherwise it remains in full force. Whenever Contractor
<br />shall be, and declared by City to be, in default under the Contract, the City having performed City's
<br />obligations thereunder, the Surety may promptly remedy the default, or shall promptly:
<br />
<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
<br />conditions, and upon determination of the Surety of the lowest, responsible and
<br />responsive Bidder, or, if the City elects, upon determination by the City, and Surety
<br />jointly of the lowest, responsible and responsive Bidder, arrange for a Contract
<br />between such Bidder and City, and make available as Work progresses (even though
<br />there should be a default or a succession of defaults under the Contract or Contracts of
<br />completion arranged under this paragraph) sufficient funds to pay the cost of
<br />completion less the balance of the Contract Price; but not exceeding, including other
<br />costs and damages for which the Surety may be liable hereunder, the amount set forth
<br />in the first paragraph hereof. The term "balance of the Contract Price." as used in this
<br />paragraph, shall mean the total amount payable by City to Contractor under the
<br />Contract and any amendments thereto, less the amount properly paid by City to
<br />Contractor.
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<br />PAGE 75 OF 130
<br />BID No. 08-10-01
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