Loading...
HomeMy WebLinkAboutPrice Construction Labor and Materials Payment Bond Form -2004 01 01Bond #CC-38423 ~• 8ECTION 00620 C~ LABOR AND MATERIALS PAYMENT BOND FORM THIS INSTRUMENT WITNESSETH: That we (1) Puce Construction, Inc. a (2) Corporation organized under the laws of the State of Florida and regularly authorized to do business in the State of (3) Florida as Principal~l n~ yve (4k~~~~a~,ry~~ety~~,y a (2) Corporation organized ender the laws of the State of on and regular) authorized to do business in the State of (3) Flordda as Surety, are hold and firmly bound unto (5) City of Winter Springs hereinafter called the Owner in accordance with a Contract hereinafter referred to, in the penal sum of (r3) s;~n--~m~.,,aa,~n~.,~~~-s~~~a~,oo Dollars ($62 365.60 ) IawPul money of the United States, well and truly to be paid unto the said Owner, for the paymen o w rc we bind ourselves, our heirs, executors, administrators, successors and assignees, jointly and severally, firmly by these presents. WHEREAS, fhe said principal has entered into a written contract with the Owner dated for work designated as Moan Park Butler Brick Wall; I'ro;ect arrB oosioa~cr located in Moss Paiic, Semxno a County in conformity with the Contract Documents hereby referred to and made a part hereof, the same to all intents and purposes as if written at length herein, in which Contract the said Principal has contracted to perform the work specified in said Contract in accordance with the terms thereof; NOW, THEREFORE, the condition of this obligation is such that if the Principal shall faithfully satisfy all claims and demands incurred by the Principal of said Contract, and shall pay ail obligations arising thereunder, and shall fully indemnify and save harmless the Owner from all cost and damage which the Owner might suffer by reason of the failure of the Principal to do so, and shall fully reimburse and repay to the Owner all costs, damages, and expenses which the Owner may incur in making good any default by the Principal, and shall promptly make payment of prevailing wages to all persons supplying labor, equipment or materials for use in the prosecution of the work, whether by subcontractor or otherwise, and including all insurance premiums on said work as provided for in such Contract, then this obligation shall be null and void, otherwise it shall remain in full force and effect. IN ADDITION, the Principal and Surety, jointly and severally, expressly guarantee that the Owner will be held harmless from any liens, claims, demands or obligations in conjunction with materials or services provided with respect to this Contract. This bond shall remain in effect for a period of one year from the date of final acceptance. The Owner may sue on this Bond, and any person furnishing material or pertorming labor, either as an individual or as a Subcontractor, shall have the right to sue on this Bond in the name of the Owner for his use and benefit. The said Surety, for value received, hereby stipulates and agrees that no change, extension of time, ateration or addition to the terms of the Contract or to the Work to be performed thereunder or the Contract Documents 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 Contract Documents. PROVIDED, FURTHER, that no final settlement between the Owner and the Contractor shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied. (1) Contractor (2) Sole Proprietor, Partnership or Corporation (3) State in which project is located (4) Surety (5) Owner (t3) 110 percent of the Contract 20 ' .• • IN WITNESS WHEREOF, this instrument is executed in several counterparts, each one of which shall be deemed an original, this the day of , 2p (SEAL) (1) Price Construction, Inc. By: _ Title: (SEAL) (2) (1) Contractor (2) Surety By: Title: Benjamin H. French, Attorne -In-Fact & Fla. Resident Agent (Attorney in Fact] "'This bond incorporates all the requirements of Section 255.05 Florida Statutes, by reference as to all Notice and Time Limitations provided therein. The Bond shall be considered a Statutory Bond and not aCommon-Law Bond." END OF SECTION 21 Cumberland Casualty & Surety Company .. ~ ~ .~ • IMPORTANT NOTICE TO SURETY BOND CUSTOMERS REGARDING THE TERRORISM RISK INSURANCE ACT OF 2002 As a surety bond customer, it is our duty to notify you that the Terrorism Risk Insurance Act of 2002 extends to "surety insurance." This means that under certain circumstances we may be eligible for reimbursement of certain surety bond losses by the United States government under a formula established by this Act. Under this formula, the United States government pays 90% of losses caused by certified acts of terrorism that exceed a statutorily established deductible to be paid by the insurance company providing this bond. The Act also establishes a $100 billion cap for the total of all losses to be paid by all insurers for certified acts of terrorism. Losses on some or all of your bonds may be subject to this cap. This notice does not modify any of the existing terms and conditions of this bond, the underlying agreement guaranteed by this bond, any statutes governing the terms of this bond or any generally applicable rules of law. At this time there is no premium change resulting from this Act.