HomeMy WebLinkAboutPrime Construction Group Performance Bond Form -2002 01 01C~
SECTION 00605
PERFORMANCE BOND
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Bond # 049SB103331610BCM
KNOW ALL MEN BY THESE PRESENTS: that
Prime Construction Group, Inc.
(Name of CONTRACTOR)
P.O. Box 590507, Orlando, FL 32859-0507
(Address of CONTRACTOR)
a Corporation ,hereinafter called
(Corporation, Partnership or Individual)
Principal, and Travelers Casualty & Surety Company of America
(Name of Surety)
P.O. Box 4992, Orlando, FL 32802
(Address of Surety)
hereinafter called Surety, are held and firmly bound unto the Citv of Winter Springs.
hereinafter called OWNER, in the full and just Sum Of
Two hundred six thousand sixty-three DOLLARS, ($206,063.00 ) 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 one hundred
ten percent (110%) of the Contract Price.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain
Agreement with the OWNER, dated the day , a copy of
which is hereto attached and made apart hereof for the construction of the Southern Water Main
Interconnect
This bond is being entered into to satisfy the requirements of Section 255.05(1), Florida Statutes
and the Agreement referenced above, as the same may be amended.
The Surety shall be bound by any and all alternative dispute resolution awards and settlements to
the same extent as CONTRACTOR is bound.
NOW, THEREFORE, the condition of this obligation is such that if Principal:
Promptly and faithfully performs its duties, all the covenants, terms, conditions, and
agreements of said Agreement including. but not limited to the insurance provisions,
guaranty period and the warranty provisions, in the time and manner prescribed in the
Agreement, and
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Pays OWNER all losses, damages, delay damages (liquidated or actual), expenses, costs
and attorneys' fees, including costs and attorney's fees on appeal that OWNER sustains
resulting directly or indirectly from any breach or default by Principal under the Agreement,
and
Satisfies all claims and demands incurred under the Agreement, and fully indemnifies and
holds harmless the OWNER from all costs and damages which it may suffer by reason or
failure to do so, then this bond is void; otherwise it shall remain in full force and effect.
4. This Bonds shall remain in effect for at least until one year after the date when final payment
becomes due, except as provided otherwise by Laws or Regulations or by the Contract
Documents.
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.
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 the OWNER
for all such loss or damage.
In the event that the Surety fails to fulfill its obligations under this Performance Bond, then
the Surety shalt also indemnify and hold the OWNER harmless from any and all loss, damage. cost
and expense, including reasonable attorneys'fees and costs for all trial and appellate proceedings.
resulting directly or indirectly from the Surety's failure to fulfill its obligations hereunder. This
subsection shall survive the termination or cancellation of this Performance Bond.
The Surety stipulates and agrees that its obligation is to perform the Principal's work under
the Agreement under the Bond. The following shall not be considered performance under the
Bond: (i) Surety's financing of the Principal to keep Principal from defaulting under the Contract
Documents, (ii) Surety's offers to OWNER to buy back the Bond, and (iii) Surety's election to do
nothing under the Bond shall be construed as a material breach of the Bond and bad faith by the
Surety. The Surety agrees that its obligation under the bond is to: (i) take over performance of the
Principal's Work and be the completing Surety even if performance of the Principal's Work exceeds
the Principal's Contract Price or (ii)re-bid and re-let the Principal's 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 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
OWNER.
The Surety, for value received, hereby stipulates and agrees that its obligations hereunder
shall be direct and immediate and not conditional or contingent upon OWNER's pursuit of its
remedies against Principal. shall remain in full force and effect notwithstanding (i) amendments or
modifications to the Agreement entered into by OWNER and Principal without the Surety's
knowledge or consent (ii) waivers of compliance with or nay default under the Agreement granted
by OWNER to Principal without the Surety's knowledge or consent, or (iii) the discharge of Principal
from its obligations under the Agreement as a result of any proceeding initiated under the
Bankruptcy Code of 1978, as the same may be amended, or any similar state or federal law, or any
limitation of the liability or Principal or its estate as a result of any such proceeding.
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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.
Further, Principal and Surety acknowledge that the Sum of this Bond shall increase or decrease in
accordance with Change Orders (unilateral and bilateral) or other modifications to the Agreement
and Contract Documents,
The Labor and Materials Payment Bond and the Performance Bond and the covered
amounts of each are separate and distinct from each other.
This Bond is intended to comply with the requirements of Section 255.05(1), Florida
Statutes, as amended, and additionally, to provide common law rights more expansive than as
required by statute. The Surety agrees that this Bond shall be construed as a common law bond.
IN WITNESS WHEREOF, this instrument is executed th
Prime Cons ruct'
ATTEST;r- Principal ( o
(Pri cipal) Secretary By (Signature)
Thomas M. Perley Ro W. Smith Jr
Typed Name Typed Name and itle
P.O. Box 590507
(CORPORATE SEAL)
of
Inc.
Address
Orlando, FL 32859-0507
City, State, Zip
(Witness to Principal)
Mark A. Allen
Typed Name
ATTES - ...
B .. ,~
Y
(Surety) Secretary
407-856-8180 407-856-8182
Telephone No. Facsimile No.
Travelers Casualty & Surety Company of America
Surety
Robin Williams
Typed Name
(CORPORATE SEAL)
407-649-2738 407-649-2712
Telephone No. Facsimile No.
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Witness as to Surety
Robin Williams
Typed Name
P~ A ~o~
Witness as to Surety
Paul A. Locascio
Typed Name
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B
A ey-in- act & Fla. Resident P,gent
Benjamin H. French
Typed Name
P.O. Box 90027
Address
Gainesville, FL 32607
City, State, Zip
352-374-7779 352-374-8179
Telephone No. Facsimile No.
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 partnership, all partners shall
execute the Bond.
IMPORTANT: Surety companies executing Bonds must appea ron 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 OWNER.
ATTACH a certified Power-of-Attorney appointing individual Attomey-in-Fact for execution of
Performance Bond on behalf of Surety.
END OF SECTION
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