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Home My WebLink AboutSunshine Building and Development Performance Bond Well No. 4 and Raw Water Main Project -2003 12 16 .. . . , SECTION 00605 PERFORMANCE BOND Bond No. FS5860586 KNOW ALL MEN BY THESE PRESENTS: that Sunshine Building and Development Corp. (Name of CONTRACTOR) P. O. Box 180958, Casselberry, FL 32718-0958 (Address of CONTRACTOR) (407)339-6721 a Corporation (Corporation, Partnership or Individual) Great American Insurance Company (Name of Surety) , hereinafter called Princfpal, and 580 Walnut Street, Cincinnati, OH 45202 (Address of Surety) (513)369-5000 hereinafter called Surety, are held and firmly bound unto the City of Winter Sprlnas . hereinafter called OWNER, In the full and just Sum of Two Hundred Seventy-one Thousand Nine Hundred Fifty- Six & NO/100-iJOLLARS. ($ 271,956.00--- ) 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 sLlch that whereas, the Principal entered into a certain Agreement with the OWNER, dated the day , _, a copy of which is hereto attached and made a part hereof for the construction of WTP 1 - WELL 4 AND RAW WATER MAIN,. 851 Northern Way, Winter Springs, Florida. This bond is being entered into to satisfy the requirements of Section 255.05(1). Rorlda 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; 1. Promptly and faithfully performs its duties, all the covenants, terms, conditions, and agreements of said Agreement including, but not limited to the insurance provision~, guaranty period and the warranty provisions, In the time and manner prescribed In the Agreement, and . 2. PaYS OWNER all/asses, damages, delay damages (liquidated or actusl), expenses. costs an~ 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, 00605-1 Da.IltJ.~ DEe':I 'nn~ CITY OF WINTER SPRINGS Capital Projects Coordinator t' . , and 3. 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. this Bond 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. In no event shall this bond extinguish before the warranty perJocl expires. as set forth in the agreement. The coverage of this Perlonnance 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 parl 4. In the event that the Principal shall fall to perform any of the terms. covenants and conditions of the Agreement and the Contract Documents at which the Agreement Is a part during the period in which this Perfonnance 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 shall also Indemnlfy 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 prccsedlngs, 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 perfonn 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, andlor (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 Principafli Work exceeds the Principal's Contract Price or (ii}re-bid and re~let the Prlndpal's Work to a completing contractor with Surety remaining liable for the completing contractor's perfonnance of the Prindpal'S Work and furniShing adequate funds to complete the Worle The Surety acknowledges that Its aJSt 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 Prindpal without the Surety's knowledge or consent (ii) waivers of compliance with or without 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. Any changes in or under the Agreement and Contract Documents and compliance or 00605-2 . . to 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 Labot and Malerials 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 Sectlon 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 this the 16th day of December 2001 c. (PrinCipal) Secretary John T. Bush, President Typed Name and Title P. O. Box 180958 Address ATTEST: Sue A, LaRosa Typed Name (CORPORATE SEAL) Casselberry, FL 32718-0958 City. State, Zip (WItness to Principal) Typed Name (407 )339-6 721 Telephone No. (407)331-7542 Facsimile No- Great American Insurance Company Surety Paula S. Nelloms Typed Name (513)369-5000 (513)723-2740 Telephone No. Facsimile No. (CORPORATE SEAL) 00605.3 I . .. 0L2- By Attorney-in-Fact and Licensed Resident Agent . Robert Harris Dixon .. Typed Name ~71AA~ J0W ~ss as to Surety Linda Hill Typed Name 1701 W. Garden Street Address Pensacola, FL 32501 City, State, Zip (850)432-7474 Telephone No. (850)470-2660 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 partnars shall execute the Bond. IMPORTANT: Surety companies executing Bonds must appear on the Treasury Departmenfs most current list (Circular 570 as amended) and be authorized to transact business in the State of. Florida, unless otherwise spedfically approved in writing by OWNER. ATTACH a certified Power-of-Attomey appointing Individual Attorney-in-Fad tor execution of Performance Bond on behalf of Surety. END OF SECTION 00605-4