Performance_Bond_City_of_DeBary.pdf

City of Debary – Rob Sullivan Park Maintenance Barn (Bid # 05-15)

SECTION 00605

PERFORMANCE BOND

NO BONDING REQUIRED ON THIS PROJECT

KNOW ALL MEN BY THESE PRESENTS: that

(Name of CONTRACTOR)

(Address of CONTRACTOR) (Phone No. of CONTRACTOR) a , hereinafter called (Corporation, Partnership or Individual)

CONTRACTOR,

and ___________ (Name of SURETY)

(Address of SURETY) (Phone No. of SURETY) hereinafter called SURETY, are held and firmly bound unto:

the City of DeBary, the OWNER, whose address is 16 Colomba Road, DeBary, Florida 32713;

in the full and just Sum of DOLLARS ($ ) in lawful money of the United States, for the payment of which sum well and truly to be made, we, the CONTRACTOR and SURETY, bind ourselves, successors, and assigns, jointly and severally, firmly by these presents. The sum shall not be less than one hundred percent (100%) of the Contract Price.

THE CONDITION OF THIS OBLIGATION is such that whereas, the CONTRACTOR entered into a certain Agreement (including all associated contract documents relating thereto and as the Agreement may be amended from time-to-time) with the OWNER, dated the day of , a copy of which may be hereto attached, but, in any event, is maintained in the records of the OWNER, said Agreement being hereby made a part hereof by this reference thereto as if fully set forth herein verbatim, said Agreement being entered generally for the construction of:

(Name of Project) (Contract No.)

The Project is briefly described as:

The Project is located (address or general location as shown below):

This Bond is being entered into to, at a minimum; satisfy the requirements of Section 255.05, Florida Statutes, and to satisfy the terms and conditions the Agreement.

The SURETY shall be bound by any and all alternative dispute resolution awards and settlements to the same extent as CONTRACTOR is bound.

NOW, THEREFORE, the condition of this obligation is such that if CONTRACTOR:

1. Promptly and faithfully performs all of its duties and responsibilities as well as all of the covenants, terms, conditions, and agreements of said Agreement in its totality, in the time and manner prescribed in the Agreement to the satisfaction of the OWNER, and

2. Pays OWNER all such sums as will be sufficient to satisfy all losses, damages, delay damages (liquidated or actual), expenses, costs and attorneys’ fees (including, but not limited to, costs and attorney’s fees on appeal that OWNER sustains resulting directly or indirectly from any breach or default by CONTRACTOR under the Agreement), and

3. Satisfies all claims and demands incurred under the Agreement, and fully indemnifies and holds harmless the OWNER from all costs and damages which it may suffer by reason or failure to do so, then this Bond is able to be voided upon demand of the SURETY; otherwise it shall remain in full force and effect.

The coverage of this Bond is co-equal with each and every obligation of the

CONTRACTOR under the Agreement.

In the event that the CONTRACTOR fails to perform any of the terms, covenants or conditions of the Agreement before this Bond is released by the OWNER, the SURETY shall remain liable to the OWNER for all such loss or damage.

The SURETY shall also indemnify and hold the OWNER harmless from any and all loss, damage, cost and expenses enumerated herein with respect to the CONTRACTOR, resulting directly or indirectly from the SURETY’s failure to fulfill its obligations hereunder. This subsection shall survive the termination or cancellation of this Bond.

The SURETY stipulates and agrees that its obligation under this Bond is to perform the CONTRACTOR’s work under the Agreement. The following shall not be considered performance under any circumstance or in any context: (i) SURETY’s financing of the CONTRACTOR under the Bond to keep CONTRACTOR from defaulting under the Agreement, or (ii) SURETY’s offers to OWNER to buy back the Bond. SURETY’s election to do nothing under the Bond shall be construed as a material breach of the Bond and bad faith by the SURETY. The SURETY agrees that its obligation under the Bond is to: (i) fully take over performance of the CONTRACTOR’s work under the Agreement in a plenary manner and be the completing surety even if performance of the CONTRACTOR’s work exceeds the CONTRACTOR’s contract price under the Agreement, or (ii) re-bid and re-let the CONTRACTOR’s work to a completing contractor with SURETY remaining liable for the completing contractor’s performance of the CONTRACTOR’s work and furnishing adequate and full funds to complete the work in the required plenary manner. The SURETY acknowledges that its cost of completion upon default by the CONTRACTOR may exceed the contract price set forth in the Agreement. In any event, the CONTRACTOR l’s Contract Time is of the essence and applicable delay damages are not waived by OWNER.

The SURETY, for value received, hereby stipulates and agrees that its obligations hereunder shall be direct and immediate and not conditional or contingent upon OWNER’s pursuit of its remedies against CONTRACTOR, shall remain in full force and effect notwithstanding (i) amendments or modifications to the Agreement entered into by OWNER and CONTRACTOR without the SURETY’s knowledge or consent (ii) waivers of compliance with or nay default under the Agreement granted by OWNER to CONTRACTOR without the SURETY’s knowledge or consent, or (iii) the discharge of CONTRACTOR from its obligations under the Agreement as a result of any proceeding initiated under the bankruptcy laws of the United States of America, as the same may be amended, or any similar State or Federal law, or any limitation of the liability or CONTRACTOR or its estate as a result of any such proceeding.

Any changes in or under the Agreement and compliance or noncompliance with any formalities connected with the Agreement or the changes therein shall not affect SURETY’s obligations under this Bond and SURETY hereby waives notice of any such changes. Further, CONTRACTOR and SURETY acknowledge that the Sum of this Bond shall increase or decrease in accordance with change orders (unilateral and bilateral) or other modifications to the Agreement. The CONTRACTOR may have obligations to the SURETY, but the failure of the CONTRACTOR to perform, comply with or accomplish any such obligation, in whole or part, shall not, in any way or to any extent, limit or interfere with the rights and benefits of the OWNER under this Bond.

This Bond and any other bond, or similar document, and the covered amounts of each, are separate and distinct from each other and the OWNER shall be entitled to the totality of rights and benefits from all such documents.

This Bond is intended to comply, at a minimum, with the requirements of Section 255.05, Florida Statutes, as amended, and additionally, to provide common law rights more expansive than as required by statute; provided, however, that the OWNER shall be entitled to all such common law rights notwithstanding the language used herein. The SURETY agrees that this Bond shall be construed as a common law bond when such construction will benefit the OWNER. The undersigned signatories represent to the OWNER that they are authorized, permitted and empowered to execute this document and bind the entity or person for which they are executing this document and recognize that the OWNER is relying, to its detriment, upon the signature set forth below and the representations, promises, covenants, guarantees and assurances made herein.

IN WITNESS WHEREOF, this instrument is executed this the day of

ATTEST: CONTRACTOR Signatory Authority

CONTRACTOR Attesting Authority CONTRACTOR Signatory Authority

Typed Name Typed Name and Title

(CORPORATE SEAL) Address

(Witness to CONTRACTOR) City, State, Zip

Typed Name Telephone No. Facsimile No.

ATTEST: SURETY

(SURETY) Secretary SURETY

Typed Name Telephone No. Facsimile No.

(CORPORATE SEAL)

By:

Witness as to SURETY Attorney-in-Fact

Typed Name Typed Name

Witness as to SURETY Address

Typed Name City, State, Zip

Telephone No. Facsimile No.

NOTE: Date of the Bond must not be prior to date of Agreement. If CONTRACTOR is a joint venture, all venturers shall execute the Bond. If CONTRACTOR is partnership, all partners shall execute the Bond. The SURETY’s obligations run as to all such parties.

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, unless otherwise specifically approved in writing by OWNER.

ATTACH a certified Power-of-Attorney appointing individual Attorney-in-Fact for execution of Bond on behalf of SURETY.

END OF SECTION