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1 A SECTION 00432 BID BOND STATE OF FLORIDA COUNTY OF DADE KNOW ALL MEN BY THESE PRESENTS, that we, Pios & Sons Enterprises, Inc. as Principal, and Merchants Bonding Company and firmly bound unto the City of Sunny Isles Beach, a municipal corporation of the State of Florida in the um of e�$ Five Percent of Amt. Bid Dollars (�---------- 5 %----- - - - - -- — lawful money of the United States, for the Payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successoil jointly and severally, firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH that whereas the Principal has submitted the accompanying Bid, dated May 22nd 20 02 for. Sidewalk Improvements on Atlantic Avenue, No. 02 -04 -01 WHEREAS, it was a condition precedent to the submission of said Bid that a cashier's check or Bid Bond in the amount of five percent (5 %) of the Base Bid be submitted with said Bid as a guarantee that the BIDDER would, if awarded the Contract, enter into a written Contract with the City for the performance of said Contract, within ten (10) consecutivd calendar days after written notice havi rig been given of the Award of the Contract. NOW, THEREFORE, the conditions of this obligation are such that if the Principal within ten (I0) consecutive calendar days after written notice of such acceptance, enters into a written Contract with the City of Sunny Isles Beach and furnishes the Performance and Payment Bonds, satisfactory to the City, each in an amount equal to one hundred percent (100 %) of the Contract Price, and provides all required Certificates of Insurance, then this obligation shall be void, otherwise the sum herein stated shall be due and payable to the City of Sunny Isles Beach and the Surety herein agrees to pay said sum immediately, upon demand of the City, in good and lawful money of the United States of America, as liquidated damages for failure thereof of said Principal. 00432-1