Performance_Bond.pdf

PERFORMANCE BOND Page 1 of 5

PERFORMANCE BOND

($900,000.00)

Seminole County Contract No. IFB-604900-24/LNF

KNOW ALL MEN BY THESE PRESENTS that:

(Name of CONTRACTOR)

(Address of CONTRACTOR)

CONTRACTOR’s Telephone Number:

a (Corporation, Partnership, or Individual) hereinafter called Principal, and (Name of Surety)

(Address of Surety)

Surety’s Telephone Number:

hereinafter called Surety, are held and firmly bound unto SEMINOLE COUNTY, 1101 East First Street, Sanford, Florida 32771, hereinafter called COUNTY, in the sum of

DOLLARS ($ ) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents. The sum shall not be less than five hundred thousand ($900,000.00).

COUNTY’s telephone number is (407) 665-7116. THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain Agreement with COUNTY, dated the _______ day of ______________, 20 , a copy of which is hereto attached and made a part hereof for the Pavement Management Program in Seminole County.

Legal Description of Property: Seminole County

Pavement Management Program in Seminole County

General description of the Work: The CONTRACTOR is responsible for all labor, materials, equipment, coordination, and incidentals necessary for all Work related to the Pavement Management Program within Seminole County.

PERFORMANCE BOND Page 2 of 5

This Bond is being entered into to satisfy the requirements of Section 255.05, Florida Statues, and the Agreement referenced above, as the same may be amended.

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

1. Promptly and faithfully performs its duties, all the covenants, terms, conditions, and agreements of said Agreement including, but not limited, to the guaranty period and the warranty provisions, in the time and manner prescribed in the Agreement; and

2. Pays COUNTY all liquidated damages, losses, damages, delay damages, expenses, costs, and attorneys fees, including costs and attorneys fees on appeal that COUNTY sustains resulting from any breach or default by Principal under the Agreement then this bond is void; otherwise it shall remain in full force and effect.

The coverage of this Performance Bond is co-equal with each and every obligation of the Principal under the above-referenced Agreement and the Contract Documents of which the Agreement is a part except that the coverage of the Performance Bond is limited to 100 percent of the Contract Price.

In the event that the Principal shall fail to perform any of the terms, covenants, and conditions of the Agreement and the Contract Documents of which the Agreement is a part during the period in which this Performance Bond is in effect, the Surety shall remain liable to COUNTY for all such direct loss or damage (including reasonable attorneys fees and costs and attorneys fees and costs on appeal) resulting from any failure to perform, up to $500,000.00 and for Indirect damages as determined by COUNTY up to an additional twenty percent (20%) over the adjusted amount.

In the event that the Surety fails to fulfill its obligations under this Performance Bond, then the Surety shall also indemnify and hold COUNTY harmless from any and all loss, damage, cost, and expense, including reasonable attorneys fees and costs for all trial and appellate proceedings, resulting from the Surety’s failure to fulfill its obligations hereunder up to $500,000.00.

The Surety stipulates and agrees that its obligation is to perform the Principal’s Work under the Agreement under the Bond. The following preventative options by the Surety are encouraged;

however, preventative options shall not be considered under the Bond: (i) Surety’s financing of the Principal to keep Principal from defaulting under the Contract Documents; and (ii) Surety’s offers to COUNTY to buy back the Bond. The Surety agrees that its obligation under the bond is to: (i) take over performance of the Principals’ Work and be the completing Surety even if performance of the Principal’s Work exceeds the adjusted Principals’ Contract Price; or (ii) re-bid and re-let the Principals’ Work to a completing contractor with Surety remaining liable for the completing contractor’s performance of the Principal’s Work and furnishing adequate funds to complete the Work. The Surety acknowledges that its cost of completion upon default by the

PERFORMANCE BOND Page 3 of 5

Principal may exceed the Contract Price. In any event, the Principal’s Contract Time is of the essence and applicable delay damages are not waived by COUNTY.

The Surety, for value received, hereby stipulates and agrees that its obligations hereunder shall be direct and immediate and not conditional or contingent upon COUNTY’s pursuit of its remedies against Principal, however, such obligation shall only arise upon a declaration of default of the Principal and shall remain in full force and effect notwithstanding (i) amendments or modifications to the Agreement entered into by COUNTY and Principal without Surety’s knowledge or consent; and (ii) the discharge of Principal as a result of any proceeding initiated under the Bankruptcy Code of 1978, as the same maybe amended, or any similar state or federal law, or any limitations of the liability of Principal or its estate as a result of any such proceeding.

Any changes in or under the Agreement and Contract Documents 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. However, in the event Change Orders (unilateral or directive change orders and bilateral change orders) or other modifications to the Agreement and Contract Documents are executed exceeding 110 percent of the contract price, the Surety shall be notified by COUNTY of such increased by COUNTY, and the Principal shall be required to increase the sum of the Bond to be commensurate with the increased Contract Price.

The Performance Bond and the Payment Bond and the covered amounts of each are separate and distinct from each other.

This Performance Bond is intended to comply with the requirements of Section 255.05, Florida Statutes, as amended, and additionally, to provide contract rights more expansive than as required by statute.

(End of Document – Signature Pages Follow)

PERFORMANCE BOND Page 4 of 5

IN WITNESS WHEREOF, this instrument is executed this day of , 20 .

ATTEST: PRINCIPAL/CONTRACTOR

By: By:

(Secretary) (Officer)

Name: Name:

(Typed or Printed) (Typed or Printed)

Title:

Address:

City, ST ZIP:

Witness Print Name Witness Print Name

(Surety Signature Page Follows)

PERFORMANCE BOND Page 5 of 5

ATTEST: SURETY

By: By:

(Secretary) (Officer)

Name: Name:

(Typed or Printed) (Typed or Printed)

Title:

Address:

City, ST ZIP:

Witness Print Name Witness Print Name

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 a Partnership, all partners shall execute the Bond.

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 COUNTY.

All bonds shall be originals and issued or countersigned by a local producing agent who is authorized to operate in the State of Florida. Attorneys-in-fact who sign Bid Bonds or Performance/Payment Bonds must file with such bond a certified copy of their Power of Attorney to sign such Bond. Agents of Surety companies must list their name, address, and telephone number on all Bonds.