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SECTION 00612
<br />FORM OF PAYMENT BOND
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, pursuant to the requirements of Florida Statute 255.05, we, as
<br />Principal, hereinafter called Contractor, and , as Surety, are bound to the City of Sunny Isles
<br />Beach, Florida, as Obligee, hereinafter called City, in the amount of
<br />Dollars ($ ) for the payment whereof Contractor and Surety bind
<br />themselves, their heirs, executors, 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 , with City for
<br />with drawings (plans) and specifications prepared by
<br />which Contract is by reference made a part hereof, and is hereafter referred to as the Contract;
<br />in accordance
<br />THE CONDITION OF THIS BOND is that if the Contractor:
<br />1. Indemnifies and pays City all losses, damages (specifically including, but not limited to, damages for delay and
<br />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 />2. Promptly makes payments to all claimants as defined by Florida Statute 225.05(1) supplying Contractor with
<br />all labor, materials and supplies used directly or indirectly by Contractor in the prosecution of the Work provided
<br />for in the Contract, then this obligation shall be void; otherwise, it shall remain in full force and effect subject,
<br />however, to the following conditions:
<br />2.1 A claimant, except a laborer, who is not in privity with the Contractor and who has not received
<br />payment for their labor, materials, or supplies shall, within forty -five (45) days after beginning to
<br />furnish labor, materials, or supplies for the prosecution of the Work, furnish to the Contractor a notice
<br />that they intend to look to the Bond for protection.
<br />2.2 A claimant who is not in privity with the Contractor and who has not received payment for their labor,
<br />materials, or supplies shall, within ninety (90) days after performance of the labor, or after complete
<br />delivery of the materials or supplies, deliver to the Contractor and to the Surety, written notice of the
<br />performance of the labor or delivery of the materials or supplies and of the non - payment.
<br />2.3 No action for the labor, materials, or supplies may be instituted against Contractor or the Surety unless
<br />the notices stated under the preceding paragraphs 2.1 and 2.2 have been given.
<br />2.4 Any action under this Bond must be instituted in accordance with the Notice and Time Limitations
<br />provisions prescribed in Section 255.05(2), Florida Statutes.
<br />The Surety hereby waives notice of and agrees that any changes in or under the Contract Documents and
<br />compliance or noncompliance with any formalities connected with the Contract orthe changes do not affect the
<br />Surety's obligation under this Bond.
<br />00612-1
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