Performance_Bond.pdf

E-4

PERFORMANCE BOND

THIS BOND IS ISSUED SIMULTANEOUSLY WITH LABOR AND MATERIAL PAYMENT BOND

IN FAVOR OF THE OWNER CONDITIONED ON THE FULL AND FAITHFUL PERFORMANCE

OF THE CONTRACT.

KNOW ALL MEN BY THESE PRESENTS: That

(Full name and address or legal title of CONTRACTOR) as Principal, hereinafter called CONTRACTOR, and

(Full name and address or legal title of Surety) as Surety, hereinafter called Surety, are held and firmly bound unto the City of St. Cloud, Florida, as Obligee, hereinafter called OWNER, in the amount of:

(Dollar Amount in Words)

(Dollar Amount in Numbers)

(Sum equal to 100% of Contract amount) for the payment whereof CONTRACTOR and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS,

CONTRACTOR has by written Agreement dated , entered into a Contract with OWNER for: ITB No. 2023-143 17th Street T-Ball and Baseball Field Improvements in accordance with Drawings and Specifications provided by the City of St. Cloud.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if CONTRACTOR shall promptly and faithfully perform said Contract, then this obligation shall be null and void;

otherwise it shall remain in full force and effect.

The Surety hereby waives notice of any alteration or extension of time made by the OWNER.

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, in accordance with Section 255.05, Florida Statutes, or shall promptly, 1.) Complete the Contract in accordance with its terms and conditions or within two hundred ten (210) calendar days.

2.) Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the lowest responsible bidder, or if the OWNER elects, upon determination by the OWNER and the Surety jointly of the lowest responsible 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.

3.) Upon termination of the Contract by the OWNER due to the CONTRACTOR’S failure to perform under the conditions herein set forth in the Contract, the OWNER may without prejudice to any right or remedy and after giving the CONTRACTOR and his Surety if any, seven (7) days written notice, terminate the employment of the CONTRACTOR, and take possession of the site and all of the materials, equipment, tools, construction equipment, and machinery thereon owned by the CONTRACTOR and may finish the work by whatever method he may deem expedient. In such case the CONTRACTOR shall not be entitled to receive any further payment until the work is finished.

4.) A claimant, except a laborer, who is not in privity with the Principal and who has not received payment for his labor, materials or supplies shall, within 45 days after beginning to furnish labor, materials or supplies for the prosecution of the work, furnish the Principal with a notice that he intends to look to the bond for protection, and

1) A claimant who is not in privity with the Principal and who has not received payment for his labor, materials, or supplies shall, within ninety (90) days after performance of the labor or after complete delivery of materials or supplies, deliver to the Principal and to the Surety written notice of the performance of the labor or delivery of the materials or supplies and of the nonpayment.

2) Other than a suit by OWNER, no action shall be instituted against the Principal or the

Surety on the bond after one (1) year from the performance of the labor or completion of delivery of the materials or supplies.

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 or the heirs, executors, administrators or successors of the

OWNER.

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THE FOREGOING PERFORMANCE BOND WAS SIGNED AND SEALED THIS DAY

OF 20 .

(Principal) (Seal)

(Witness) By:

(Manual Signature) Print Name (Title)

(Surety) (Seal)

(Witness) By:

(Manual Signature)

(Title)

(Resident Agent as Attorney-in-Fact)

(Witness) (Address)

(Telephone Number)

Power of Attorney attached hereon:

E-5

RIDER TO PERFORMANCE BOND

PUBLIC WORK - STATE OF FLORIDA

PURSUANT TO FLORIDA STATUTE SEC. 255.05

AGREEMENT made this day of 20 , between

(hereinafter called the "PRINCIPAL") and

(hereinafter called the "SURETY") and the City of St. Cloud, Florida (hereinafter called the

"OWNER").

WHEREAS, on the day of 20 , the parties hereto entered into a Performance Bond, a copy whereof is hereto attached and incorporated herein by reference, and

WHEREAS, said parties have agreed to add certain terms to said Performance Bond to conform with Florida Statute 255.05;

NOW, THEREFORE, it is agreed that the said Performance Bond pertaining to ITB No. 2023-143 17th Street T-Ball and Baseball Field Improvements is hereby amended to include the following provisions:

Other than a suit by the OWNER, no suit or action for labor, materials, or supplies shall be instituted hereunder against the PRINCIPAL or the SURETY unless both of the following notices have been given by the claimant.

"A claimant, except a laborer, who is not in privity with the PRINCIPAL and who has not received payment for his labor, materials, or supplies shall, within 45 days after beginning to furnish labor, materials, or supplies for the prosecution of the work, furnish the PRINCIPAL with a notice that he intends to look to the bond for protection, and

A claimant who is not in privity with the PRINCIPAL and who has not received payment for his labor, material, or supplies shall, within ninety (90) days after performance of the labor or after complete delivery of materials or supplies, deliver to the PRINCIPAL and to the SURETY written notice of the performance of the labor or delivery of the materials or supplies and of the non-payment.

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E-5 – RIDER TO PERFORMANCE BOND

Other than a suit by the OWNER, no action shall be instituted, against the PRINCIPAL or the SURETY on the bond after one (1) year from the performance of the labor or completion of delivery of the materials or supplies."

It is the express agreement that all other terms, conditions, and stipulations contained in the said Performance Bond shall remain in full force and effect and without any change or modifications whatsoever, except only as to the additions, as above provided.

Principal:

By:

Surety:

By:

Accepted:

CITY OF ST. CLOUD

(OWNER)

DATE