00610_Payment_Bond.docx

PROCUREMENT PAYMENT BOND

SECTION 00610

(100% of Contract Price)

KNOW ALL MEN BY THESE PRESENTS, that we, ___________________________________________, as Principal/Contractor, and ____________________________________________, as Surety, are held and firmly bound unto the CITY OF SANFORD, FLORIDA, as a municipal corporation of the State of Florida, as Obligee/City, in the sum of (Written Dollar Amount) dollars ($___________________________________) lawful money of the United States of American, for the payment of which well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally by these presents.

WHEREAS, Contractor has by written agreement dated __________, 20____, entered into a Contract with the City of Sanford in accordance with a bid (whether a proposal, response or other submission, by whatever name or of whatever nature) issued by the City for the furnishing of all labor, materials, equipment, machinery, tools, apparatus, means of transportation for, and the performance of the work covered in the procurement documents which relative to the City’s purchasing or procurement solicitation entitled _______________________________________________________________________.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if said Contractor and all subcontractors to whom any portion of the work provided for in said Contract is sublet and all assignees of said Contract and of such subcontractors shall promptly make payments to all persons supplying him or them with labor, products, services, or supplies for or in the prosecution of the work provided for in such Contract, or in any amendment or extension of or addition to said Contract, and for the payment of reasonable attorney's fees, incurred by the claimants in suits on this bond, then the above obligation shall be void; otherwise, it shall remain in full force and effect.

HOWEVER, this bond is subject to the following conditions and limitations:

(1). Any person, firm or corporation that has furnished labor, products, or supplies for or in the prosecution of the work provided for in said Contract shall have a direct right of action against the Contractor and Surety on this bond, which right of action shall be asserted in a proceeding, instituted in Seminole County, Florida. Such right of action shall be asserted in proceedings instituted in the name of the claimant or claimants for his or their use and benefit against said Contractor and Surety or either of them (but not later than one year after the final settlement of said Contract) in which action such claim or claims shall be adjudicated and judgment rendered thereon.

(2). The Principal and Surety hereby designate and appoint_______________________________________________________________ as the agent of each of them to receive and accept service of process or other pleading issued or filed in any proceeding instituted on this bond and hereby consent that such service shall be the same as personal service on the Contractor and/or Surety.

(3). This bond is given pursuant to and in accordance with the controlling provisions of Section 255.05(1) Florida Statutes, and all the provisions of the law referring to this character of bond as set forth in any sections or as may be hereinafter enacted, and these are hereby made a part hereof to the same extent as if set out herein in full.

NOTICE TO THE OBLIGEE that this Bond will expire prior to performance of the Principal’s obligations shall be deemed a default. Notices under this bond shall be directed to the City Manager at the City Hall of the City of Sanford. And notices to the Principal and Surety shall be to their mailing addresses as set forth in the records of the Florida Department of State.

THIS BOND SHALL BE KEPT IN FULL FORCE AND EFFECT by the Principal at all times until release by the Obligee. In the event of any material change, cancellation, expiration or non-payment of premiums, the Surety shall notify the City by certified mail or registered mail, return receipt requested, at least thirty (30) days prior to the effective date of the change, cancellation, or expiration of this Bond. Notice to the Obligee that this Bond will expire prior to performance of the Principal’s obligations shall be deemed a default.

SIGNED, SEALED AND DATED THIS ___ DAY OF _________________, 20___.

[Signature lines in a legally binding form.]

ACCEPTED BY:

ATTEST: CITY OF SANFORD:

Approved as to form and legality:

Lindsay Greene, City Attorney

agent’s authority to act.

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