Performance_Bond.pdf

PERFORMANCE BOND

COVER SHEET

THIS IS THE FRONT PAGE OF THIS PERFORMANCE BOND ISSUED IN COMPLIANCE

WITH SECTION 255.05, FLORIDA STATUTES, AS MAY BE APPLICABLE.

Bond No. ____________________________

Contractor/Principal Name:____________________________

Contractor/Principal Address: ____________________________

Contractor/Principal Phone No._________________________________________

Surety Company: ____________________________

Surety Company Address: ____________________________

Surety Company Phone No. ____________________________________________

Owner/Obligee Name: City of Cooper City

Owner/Obligee Address: 9090 S.W. 50th Place Cooper City, FL 33328

Owner/Obligee Phone No. (954) 434-4300

Bond Date: __________________

Bond Amount: ___________________________________________

Contract No._________________ Bid No. _____________________

Permit No./Project No._____________________________________

Description of Work: __________________________________________________

PREPARED BY:

RETURN TO:

CITY CLERK

CITY OF COOPER CITY

9090 SW 50th Place

COOPER CITY, FL 33328

PERFORMANCE BOND

KNOW ALL PERSONS BY THESE PRESENTS:

That, in accordance with the City of Cooper City Code of Ordinances and the requirements of §255.05, Florida Statutes, as may be applicable, we, ____________________________________________, as Principal, hereinafter called

CONTRACTOR, and,__________________________________________ as Surety, are bound to the City of Cooper City, Florida, as Obligee, hereinafter called OWNER, in the amount of _____________________________Dollars, ($ ) for the payment whereof CONTRACTOR and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally.

WHEREAS, CONTRACTOR has entered into a Contract, Contract/Bid/Project

No.__________ dated the _____ of _____________, 20____, with OWNER for the construction of ___________ which contract is by reference made a part hereof, and is hereafter referred to as the Contract;

THE CONDITION OF THIS BOND is that if the CONTRACTOR:

1. Fully performs the Contract between the CONTRACTOR and the OWNER dated ____________________, 20____, for the_________________________________, within _____, calendar days after the date of contract commencement as specified in the Notice to Proceed and in the manner prescribed in the Contract; and

2. Indemnifies and pays OWNER all losses, damages (specifically including, but not limited to, damages for delay and other consequential damages caused by or arising out of the acts, omissions or negligence of CONTRACTOR), expenses, costs and attorney’s fees and costs, including attorney’s fees incurred in appellate proceedings, that OWNER sustains because of default by CONTRACTOR under the Contract; and

3. Upon notification by the OWNER, corrects any and all defective or faulty work or materials, which appear within one (1) year after final acceptance of the work.

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.

4.1 Should the contract total or cost estimate for the project increase the OWNER reserves the right to require the amount of performance bond herein required to increase.

4.2 Whenever CONTRACTOR shall be, and declared by OWNER to be, in default under the Contract, the OWNER having performed OWNER’S obligations thereunder, the Surety may promptly remedy the default, or shall promptly:

4.3 Complete the Contract in accordance with its terms and conditions; or

4.4 Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the best, lowest, qualified, responsible and responsive Bidder, or, if the OWNER elects, upon determination by the OWNER and Surety jointly of the best, lowest, qualified, responsible and responsive Bidder, arrange for a contract between such Bidder and OWNER, and make available as work progresses (even though there should be a default or a succession of defaults under the Contract or Contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the Contract price; but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term “balance of the Contract price,” as used in this paragraph, shall mean the total amount payable by OWNER to CONTRACTOR under the Contract and any amendments thereto, less the amount properly paid by OWNER to

CONTRACTOR.

5. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, it shall be the duty of the Principal to record this performance bond in the public records of Broward County, and Principal shall be responsible for payment of all recording costs.

No right of action shall accrue on this Bond to or for the use of any person or corporation other than the OWNER named herein and those persons or corporations provided for in Section 255.05, Florida Statues, or their heirs, executors, administrators or successors, as may be applicable.

Any action under this Bond must be instituted in accordance with the Notice and Time Limitations provisions prescribed in Section 255.05(2), (6), and (10), Florida Statutes, as may be applicable.

The Surety hereby waives notice of and agrees that any changes in or under the Contract and compliance or noncompliance with any formalities connected with the Contract or the changes do not affect Surety’s obligation under this Bond.

Signed and sealed this ____ day of __________________________, 20____.

SIGNATURE PAGE FOLLOWS

WITNESSES

Secretary Principal

By

(AFFIX SEAL)

Signature and Title

Type Name and Title signed above

WITNESSES

Surety

Secretary By

(AFFIX SEAL) Signature and Title

Type Name and Title signed above

IN THE PRESENCE OF: INSURANCE COMPANY:

By Agent and Attorney-in-Fact

Address

City/State/Zip Code

Telephone

ACKNOWLEDGMENT PERFORMANCE BOND

State of ______________

County of _____________

On this the ____ day of __________, 20 , before me, the undersigned Notary Public of the State of Florida, the foregoing instrument was acknowledged by:

________________________________ ____________________________, of (Name of Corporate Officer) (Title)

, a ____________________________ (Name of Corporation) (State of Corporation) corporation, on behalf of the corporation.

WITNESS my hand and official seal.

NOTARY PUBLIC, STATE OF _______

NOTARY PUBLIC

SEAL OF OFFICE: _______________________________

(Name of Notary Public: Print, Stamp, or Type as Commissioned)

Personally known to me, or Produced identification:

(Type of Identification Produced) DID take an oath, or

DID NOT take an oath

CERTIFICATE AS TO PRINCIPAL

I, ____________________________, certify that I am the Secretary of the Corporation named as Principal in the foregoing Performance Bond; that _____________________, who signed the Bond on behalf of the Principal, was then ________________________ of said Corporation; that I know his/her signature; and his/her signature thereto is genuine;

and that said Bond was duly signed, sealed and attested to on behalf of said Corporation by authority of its governing body.

(AFFIX SEAL) ________________________

(Name of Corporation)