Example_Payment_and_Performance_Bond_Form_337_18_Version_May_6_2014_doc.pdf

BOND NO.

PAYMENT AND PERFORMANCE BOND

KNOW ALL MEN BY THESE PRESENTS, that we , hereinafter called "Principal”, with a principal business address at , and a phone number of , and , duly authorized to do business in the State of Florida, pursuant to the laws of the State of Florida, hereinafter called "Surety”, are each held and firmly bound unto the Flagler County Board of County Commissioners, 1769 E. Moody Boulevard, Building No. 2, Bunnell, Florida 32110, and a phone number of (386) 313-4001, hereinafter called "Owner”, and as an additional oblige the State of Florida Department of Transportation, in the penal sum of ($ ), lawful money of the United States of America, to be paid to Owner, to which payment well and truly be made we bind ourselves, our heirs, executors, personal representatives, successors, and assignees, jointly and severally and firmly by these presents.

Whereas, Principal has entered into an Agreement, with an effective date of day of , 20 , with Owner for accomplishing the construction of the Project known as ___________________________ _________________________________________________ in accordance with the Contract Documents related thereto, which Agreement is on file in the Office of the Clerk of Circuit Court at the Flagler County Courthouse, Bunnell, Florida, and which Agreement is incorporated herein by reference and made a part hereof (hereinafter, the “Agreement”).

NOW THEREFORE, THE CONDITION OF THIS BOND IS SUCH THAT IF THE PRINCIPAL

in all respects shall comply with Section 337.18(1), Florida Statutes, and shall promptly, faithfully, efficiently, and fully perform the Agreement, and any alterations as may be made in said Agreement as provided for therein, and within the time period specified, and further, shall remedy any errors in partial or final estimates and any defects which may exist, appear, occur or result in or from said work within a period of one (1) year, or other period otherwise specified in the Agreement, from the date of final acceptance of the work under the Agreement, and further if the Principal shall promptly make payment to all persons furnishing labor, material, equipment, and supplies, and all persons defined in Section 713.01, Florida Statutes, whose claims derive directly or indirectly from the prosecution of the work provided for in the Agreement (See Section 337.18(1)(a) through(f), Florida Statutes, for specific “claim” notice and time limitation requirements), and shall promptly pay all State Workers’ Compensation and Unemployment Compensation taxes incurred in the performance of the Agreement, and shall be liable to the State of Florida in a civil action instituted by the Owner, Flagler County Board of County Commissioners, the Department of Transportation or any officer of the State of Florida authorized in such cases for double any amount in money or property the State of Florida may lose or be overcharged or otherwise defrauded of, by reason of any wrongful or criminal act, if any, of the Principal, its agents, and employees, and should the Principal not be declared to be in default under the Agreement, then the Bond shall be deemed void. In the event of default by the Principal, the Surety shall pay the Owner in addition to the above obligations, all liquidated damages and disincentives assessed against the Principal because of the default which were not withheld from Agreement proceeds and if the Owner at its sole option demands that the Surety take over the project, then in such event, the Surety may not select the Principal or any affiliate of the Principal to complete the project for and on behalf of the Surety without the Owner’s express written consent and, finally if the subject Agreement required contractor qualification, under Section 337.14, Florida Statutes, or otherwise, the Surety must use a qualified contractor, who is approved by the Owner to perform the work. It is further covenanted and agreed that any alterations or additions made under this Agreement or in the work to be performed therein or the granting of any extension of time for the performance of the Agreement or any other forbearance by or on the part of either the Owner or the Principal shall not in any way release the Principal and the Surety or either of them, their respective heirs, executors, administrators, successors, or assigns, from any liability hereunder. Notice to the Surety of such alterations, extension, or forbearance is hereby specifically waived. Under this Bond, the Surety, pursuant to Section 337.11(9)(a), Florida Statutes, shall be fully liable under such surety bond to the full extent of any modified contract amount up to and including 25 percent over the original contract amount and without regard to the fact that the Surety was not aware of or did not approve such modifications. However, if modifications of the original contract amount cumulatively result in modifications of the contract amount in excess of 25 percent of the original contract amount, the Surety’s approval shall be required to bind the Surety under the Bond on that portion in excess of 25 percent of the original contract amount. This obligation shall remain in full force and effect until the full performance of all covenants, terms, and conditions herein stipulated. Failure by the Surety to perform obligations under the terms of this Bond may result in the Surety being disqualified from issuing bonds for future Owner contracts.

WITNESS the signature of the Principal and the signature of the Surety by its (Agent or Attorney-In-Fact) with the seals of the Principal and Surety hereunto affixed this day of , 20 .

PRINCIPAL:

(Typed or Printed Name of Company)

WITNESS: BY:

(Signature) (Authorized Signature)

(Typed or Printed Name) (Typed or Printed Name)

(Title)

WITNESS:

(Signature)

(Typed or Printed Name)

STATE OF

COUNTY OF

The foregoing instrument was acknowledged before me this day of , 20 , by (officer’s name), as (title) of (company name), a (state) (corporation, limited liability corporation), who swore or affirmed that he/she is authorized to execute this Bond and to bind (company name), a (state) (corporation, limited liability corporation).

is personally known to me or has produced as identification and who did (did not) take an oath.

My Commission Expires:

Signature of Notary:

Printed:

(Affix Official Seal) Notary Public

Commission No.

SURETY:

(Typed or Printed Company Name)

(Business Address)

(Surety Authorized Signature)

(Printed Name)

Witness as to Surety

Witness as to Surety

OR

As Attorney in Fact (Signature) (Attach Power)

(Business Address)

(Telephone Number)

Witnessed by:

Witnessed by:

STATE OF

COUNTY OF

The foregoing instrument was acknowledged before me this day of , 20 , by (officer’s name), as (title) of (company name), a (state) (corporation, limited liability corporation), who swore or affirmed that he/she is authorized to execute this Bond and to bind (company name), a (state) (corporation, limited liability corporation).

is personally known to me or has produced as identification and who did (did not ) take an oath.

My Commission Expires:

Signature of Notary:

Printed:

(Affix Official Seal) Notary Public

Commission No.

The Principal shall record this bond in the official records of the Clerk of Court of Flagler County prior to commencing the work.

NOTE: DATE OF BOND MUST NOT BE PRIOR TO DATE OF CONTRACT EXECUTION