10-PUBLIC CONSTRUCTION BOND.pdf

SECTION 00600

PUBLIC CONSTRUCTION BOND

1. Construction Bond Submittal Form (Sections 00600)

A. The provisions and limitations of 255.05 and 713.23 Florida Statutes, whichever is applicable to the Contract, shall be incorporated in the bonds by reference.

2. State of Florida Bonding Requirements:

A. The surety (bonding) company must be licensed to conduct business in the State of Florida and show proof thereof.

B. The surety (bonding) company must hold a current certificate authorizing them to conduct business in the State and show proof thereof.

C. The surety has twice the minimum surplus and capital required by the Florida Insurance Code; and show proof thereof.

D. The surety (bonding) company is in compliance with the Florida Insurance Code; and show proof thereof.

E. The surety (bonding) company holds a valid certificate of authority issued by the U.S.

Department of Treasury and show proof thereof.

F. That copies of all documents that the surety (bonding) company provides must be certified.

G. Each surety, (bonding company) must provide proof that it is listed in the current issue of the Federal Registry, Department Circular 570, Department of the Treasury, of “Companies Holding Certificates of authority as Acceptable Sureties on Federal Bonds as Acceptable Reinsuring Companies”. Sureties must also provide proof that they are authorized to transact insurance business in the State of Florida and in addition thereto, they must provide a copy of their current, audited, annual statement indicating their current financial condition.

3. The bond must state on its front page:

A. The name, principal business address, and phone number of the contractor, the surety, the owner of the property being improved, and, if different from the owner, the contracting public entity.

B. The contract number assigned by the contracting public entity.

C. The bond number assigned by the surety.

D. A description of the project sufficient to identify it, such as a legal description or the street address of the property being improved, and a general description of the improvement.

PUBLIC CONSTRUCTION BOND

BY THIS BOND, We _________________________, having its principal place of business at herein called Principal, and ______________________________, having its principal place of business at

_____________________________________________________, (____)____-_____,a corporation as

Surety, are bound to the City of Palm Bay, 120 Malabar Rd SE, Palm Bay, Florida, 32907 herein called

Owner, in the sum of ____________________________________. ($____________) for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally.

THE CONDITIONS OF THIS BOND are that if Principal:

1. Performs the contract number (bid number) ___________ dated __________ between

Principal and Owner for construction of (project description) the contract being made a part of this bond by reference, at the times and in the manner prescribed in the contract; and

2. Promptly makes payments to all claimants, as defined in Section 255.05(1), Florida Statutes, supplying Principal with labor, materials, or supplies, used directly or indirectly by Principal in the prosecution of the work provided for in the contract; and

3. Pays Owner all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Owner sustains because of a default by Principal under the contract; and

4. Performs the guarantee of all work and materials furnished under the contract for the time specified in the contract, then this bond is void; otherwise, it remains in full force.

5. This Bond shall be recorded in the public records at the Principal’s expense. A certified copy of this recorded Bond shall be provided to the Owner. No payments shall be made to the Principal until the Bond has been recorded and a certified copy has been provided to the Owner.

Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Section 255.05(2) and (10), Florida Statutes.

Any changes in or under the contract documents and compliance or noncompliance with any formalities connected with the contract or the changes does not affect Surety’s obligation under this bond.

Signed and sealed this _____day of _______________________, 20___.

Witness: _____________________________________

(Principal) (Seal)

____________________________ Its: ________________________________________

(Title)

Witness: _____________________________________

(Surety) (Seal)

____________________________ Its_________________________________________ (Title)

CERTIFICATE AS TO CORPORATE PRINCIPAL

I, _________________________ certify that I am the Secretary of the Corporation named as Principal in the within bond; that _____________________________ who signed the said bond on behalf of the Principal, was then _______________________ of said Corporation; that I know the Principal, and the Principal's signature hereto is genuine; and that said bond was duly signed, sealed, and attested for and in behalf of said Corporation by authority of its governing body.

__________________________(Seal)

Secretary

STATE OF __________________________

COUNTY OF _______________________

Before me, a Notary Public, duly commissioned, qualified and acting, personally appeared _____________________________ to me well known, who being by me first duly sworn upon oath, says that this individual is the Attorney-in-Fact, for the and that said individual has been authorized by _______ to execute the foregoing bond on behalf of the Contractor named therein in favor of City of Palm Bay, Florida.

Subscribed and sworn to before me this _____ day of ___________________, 20___, A.D.

(Attach Power of Attorney) _____________________________________

Notary Public

State of Florida-at-Large

My Commission Expires: ________________

My Commission Number is: ______________