Payment_and_Performance_Bond.pdf

[CA____]

[MTR/sal 2015-02-10]

FRONT PAGE FOR BOND REQUIRED BY SECTION 255.05, F.S.

PAYMENT AND PERFORMANCE BOND

(Public Works) Notice and Time Limitations Must Be In Accordance With Section 255.05(2), (8) and (10), Florida Statutes

BOND NO.

PRINCIPAL:

Developer or Contractor:

Principal Business Address:

Contact Person:

Phone Number:

SURETY:

Address:

Contact Person:

Phone Number:

OWNER: City of Port Orange, Florida, a chartered municipal corporation 1000 City Center Circle Port Orange, Florida 32129-4144 Contact Person: City Manager Phone Number: (386) 506-5501

Amount: ____________ City Project Number: ______________________________________

Description of Work: _______________________________________________________________

Project Location: _______________________________________________________________

Legal Description: _______________________________________________________________

Front Page

All other pages are subsequent to this page regardless of any numbers that may be printed thereon.

(Capital Projects) Public Construction Bond [MTR/gls 2014-01-03]

[CA____]

Bond No._____________________________

COMBINATION PAYMENT AND PERFORMANCE BOND

FOR

PUBLIC CONSTRUCTION

per Section 255.05, Florida Statutes

Guaranty for Construction of Public Improvements

BY THIS BOND, We, ______________________________, as Principal, and _____________________________, a corporation, as Surety, are bound to CITY OF PORT ORANGE, FLORIDA, a Florida municipal corporation, herein called “Owner” or sometimes referred to as “City,” in the sum of _________________________________ AND

__/100 DOLLARS ($________________), for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally.

THE CONDITION OF THIS BOND is that if Principal:

1. Performs the terms of that certain ________________________ having an effective date of _______________, 20__, entered into by and between the Principal and the City, for _____________________________________, hereinafter referred to as 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 (the “Work”); and

3. Pays Owner all losses, damages, delay damages (including contractually authorized liquidated damages), expenses, costs, and attorney's fees, including appellate proceedings, that Owner sustains because of a breach or material breach by Principal under the Contract documents; 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.

Notice of Nonpayment and Time Limitations

Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Sections 255.05(2), (8) 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.

(Capital Projects) Public Construction Bond [MTR/gls 2014-01-03]

[CA____]

IN WITNESS WHEREOF, this performance and payment bond is executed and shall be deemed an original, this ______, day of ________________, 20__.

Attest: _____________________________________________

(Principal)

(As to Corporate Principal) Secretary By:

Curtis Long, Vice President

(Witness to Principal) (Corporate Seal)

(Surety)

(Witness to Surety) By:

Name:

(Attorney-in-Fact)

(Corporate Seal)

NOTE: Date of BOND must not be prior to date of Contract. If Developer/Principal is Partnership, all partners should execute BOND. All BONDS signed by an agent must be accompanied by a certified copy of the authority to act.

IMPORTANT: Surety companies executing BONDS must appear on the Treasury Department’s most current list (Circular 570 as amended) and be authorized to transact business in the State of Florida.