Performance_&_Payment_Bond.pdf

PERFORMANCE AND PAYMENT BOND

Bond #________________

(STATE OF FLORIDA)

(COUNTY OF ___________)

(CITY OF_______________)

KNOW ALL MEN BY THESE PRESENTS:

That we,__________________________________________(hereinafter called the "Principal"), (Name of Corporation, Partnership, or LLC) located at _______________________________________, (____)______________________, (Principal Business Address) (Phone Number) and ______________________________________________ (hereinafter called the “Surety”), (Surety Name) located at ________________________________________________, (___) ______________, (Surety Business Address) (Phone Number) are held and firmly bound unto the City of St. Petersburg, Florida (hereinafter called the "City") located at One 4th Street North, St. Petersburg, FL 33701, phone: (727) 893-7220, in the penal sum of: __________, for the payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally, for the faithful performance of a certain written contract, dated the _____ day of ______________, 20__, entered into between the Principal and the City (“Contract”) for:

[Provide a description of the project, RFP No., etc.]

NOW, THEREFORE, THE CONDITIONS of this bond are such that, if the Principal shall (i) in all respects comply with the terms and conditions of the Contract (the Contract being made a part of this bond by reference), including but not limited to the guarantee and warranty requirements, all obligations contained in the Contract Documents (as defined in the Contract) and all modifications made to the Contract as therein provided, for the original term of the Contract and any extensions which may be granted by the City, with or without notice to the Surety; and (ii) promptly make payments to all persons supplying labor, materials, or supplies used directly or indirectly in the prosecution of the work provided for in the Contract; and (iii) pay the City all losses, damages, liquidated damages, expenses, costs, and attorneys’ fees at trial and on appeal sustained by the City due to a default by Principal under the Contract; and (iv) fulfill its obligations related to the guarantee and warranty of all work and materials furnished under the Contract pursuant to the terms and conditions specified in the Contract, then this bond shall be void; otherwise, it shall remain in full force.

The Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract or to the work to be performed thereunder or to the specifications accompanying the same shall in any way affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract or to the work or to the specifications.

IN TESTIMONY WHEREOF, the hands and seals of the parties hereto this ____ day of ______________, 20____.

SURETY:

SURETY NAME

BY:

(Signature of Attorney-in-Fact)

(Print or Type Name of Attorney-in-Fact)

(Florida license # of Attorney-in-Fact)

Note: A copy of a power of attorney attested by the corporate secretary of the Surety evidencing the Attorney-in-Fact named above is currently authorized to execute this bond on behalf of the Surety must be attached to this bond.

PRINCIPAL:

PRINCIPAL NAME

(Signature)

(Print or Type Name and Title)

Check applicable box below (check only one box):

Principal has a seal. If checked, attest and impress Principal’s seal:

ATTEST:

(Print or Type Name)

Principal has no seal. If checked, provide two witness signatures:

WITNESS 1 for Principal:

CITY:

APPROVED AS TO FORM:

By: __________________________________ City Attorney (Designee)

WITNESS 2 for Principal:

00525850 September 2020

Principal Seal

Surety Seal

Acknowledgment of Principal

(COUNTY OF______________ )

(CITY OF________________ )

The foregoing instrument was acknowledged before me by means of

□ physical presence or □ online notarization this _____ day of ___________, 20__, by __________________________________ of ______ _________________________, a (Name and Title of Officer) (Name of Principal)

_______________________________________ (“Entity”), on behalf of said Entity. He/She is (Identify type of Entity and State where Registered) (Select) personally known to me or has produced ______________________________as identification.

(Type of Identification)

He/She warrants that he/she is authorized by all necessary actions of the Entity in accordance (Select) (Select) with the governing documents of the Entity to execute the foregoing instrument.

NOTARY PUBLIC:

Sign: ______________________________

Print/Type: ______________________________

SEAL

Acknowledgment of Surety, (Where Executed by Attorney-in-Fact, as Agent)

(COUNTY OF______________ )

(CITY OF________________ )

The foregoing instrument was acknowledged before me by means of

□ physical presence or □ online notarization this _____ day of _________, 20__, by _________________________________________________________________________ (Name of Attorney-in-Fact) as Attorney-in-Fact for _______________________________________________________, (Name of Surety) who is personally known to me or has produced _____________________________________ (Type of Identification) as identification.

By virtue of a power of attorney from said corporation, a copy of which is attached hereto, he/she is duly authorized to execute the foregoing instrument.

(Select)

NOTARY PUBLIC:

Sign:______________________________

Print/Type: _________________________

SEAL