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SECTION 00614
<br />FORM OF PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, pursuant to the requirements of Florida Statute 255.05, we, , as Principal,
<br />hereinafter called Contractor, and , as Surety, are bound to the City of Sunny Isles Beach,
<br />Florida, as Obligee, hereinafter called City, in the amount of Dollars ($ ) for the payment
<br />whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and
<br />severally.
<br />WHEREAS, Contractor has by written agreement entered into a Contract, Bid/Contract No.: awarded
<br />the day of , 20 , with City for in accordance with
<br />drawings (plans) and specifications prepared by which Contract is by
<br />reference made a part hereof, and is hereafter referred to as the 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 construction of
<br />within calendar days after the date of Contract commencement as specified in the Notice
<br />to Proceed and in the manner prescribed in the Contract; and
<br />2. Indemnifies and pays City a] I 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 />3. Upon notification by the City, corrects any and all defective or faulty Work or materials which appear within one
<br />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 the
<br />Contract, then this Bond is void, otherwise it remains in full force.
<br />Whenever Contractor shall be, and declared by City to be, in default under the Contract, the City having
<br />performed City's obligations thereunder, the Surety may promptly remedy the default, or shall promptly:
<br />4.1 Complete the Contract in accordance with its terns and conditions; or
<br />4.2 Obtain a Bid or Bids for completing the Contract in accordance with its terms and conditions, and upon
<br />determination by Surety of the best, lowest, qualified, responsible and responsive BIDDER, or, if the
<br />City elects, upon determination bythe City, and Surety jointly of the best, lowest, qualified, responsible
<br />and responsive BIDDER, arrange for a Contract between such BIDDER and City, and make available
<br />as Work progresses (even though there should be a default or a succession of defaults under the
<br />Contract or Contracts of 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 costs and damages
<br />for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The
<br />term "balance of the Contract Price." as used in this paragraph, shall mean the total amount payable by
<br />City to Contractor under the Contract and any amendments thereto, less the amount properly paid by
<br />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 named
<br />herein.
<br />00614-1
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