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HomeMy WebLinkAboutDiversified Drilling Corporation Performance Bond -2001 11 07F I`i..E No .883 14129 ' 41 16 ~'44 •I D : DDC_CORPORATE ~'AX :813 985 6636 PAGE 3i 13 SECTION 00605 PERFORMANCE~BOND Bond No 08592379 KNOW ALL MEN BY THESE PRESENTS: that Diversified Drilling Corporation, P O Box 290699, Tampa FL 33687 0699 (Name of CONTRACTOR) P O Box 290699, Tampa FL 33687 0699 (Address of CONTRACTOR) aCorporation ,hereinafter called (Corporation, Partnership or Individual) Prinoipal, and Fidelity and Deposit Company of Maryland (Name of Surety) 3910 Keswick Rd, Baltimore MD 21211 (Address of Surety) hereinafter called Surety, are held and firmly bound unto (1,1 City of Winter springs FL hereinafter .called OWNER, in the full and Just Sum of * see below pOLLARS, ($ 3 0 0 , 4 6 5 : 0 0 1 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 (110go) of the Contract Price. * Three Hundred Thousand ~Four~ Hundred Sixty ~lya_ Dol~'e ~& Q4/~,i~© _ THE CONDITION OF THIS OBLIGATION is ~ch that whereas, the Principal entered into a certain Agreement with the OWNER, dated the ~_day .(,~a~B~ , 2001 , a copy of which is hereto attached and made a part hereof for the construction of l2) Water Treatment Plant 1 -Well No. 4 (7) Name olOwnsr (2) Name o! Pro/ect IdenBlied !n l~sbucf/ons E~ BJdders 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: 1. Promptly and faithfully performs its duties, ali the covenants, terms, conditions, and agreements of said Agreement including, but not limited to the insurance provisions, guaranty period and the warrenty provisions, in the time and manner prescribed in the Agreement, and ooso~-t _ _. _ _~ r ,x FILE No.883 10129 'dl 16~40•ID~DDC_CORPORATE FAX 985 6636 PAGE 4~ 13 2. 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 indirectlyfrom any breach or default by Principal under the Agreement, 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 foroe 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 faits to fuffill its obligations under this Performance Bond, then the Surety shall 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 direotly 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 pertorrn the Principal's work under the Agreement under the Bond. The following shall not be considered performance under the Bond: (i) Suret~s financing of the Principal to keep Principal firom defaulting under the Contract Documents, (ii) Surety's offers to OWNER to buy back the Bond, and (iii) Suret~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 Princlpal'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 famishing 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 Prinoipal, 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 OW NER 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. ooso~-~ FILE No .883 10129 ' O1 1641 ~D ~ DDC_CORPORATE FAX~3 985 6636 PAGE 5i 13 Any changes in or under the Agreement and Contract pocuments 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 mod'rfications to the Agreement and Contract pocuments. The Labor and Materials Payment Bond and the Psrtormance Bond and the covered amounts of each are separate and distinct from each. other. This Bond is intended to comply with the requiremerrts of Section 255.05(1), Florida Statutes, as amended, and additionally, to provide common law rights more expans(ve than as n:quired 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 day of , Diversified Drilling Corporation ATTEST: Principal (Cont ctor) (Prin pal) Secretary By (Si nature) JANIE A. BRANN ••• Typed Name JANIE A. BRANN, VP/SECRETARY Typed Name and Title (CORPORATE SEAL) • JEAN C. McMANIS Typed Name P O Box 290699 Tampa FL 33687 0699 Address City, State, Zip (Witness to Principal) 813-988-1132 Telephone No. Facsimile No. 00605.3 FILE No .883 10129 ' 41 16 ~ 41 ~ D ~ DDC_CORPORATE FAX~3 985 6636 PAGE 6i 13 ATTEST: By Fidelity ar~d Deposit company of Maryland (Surety) Secretary Surety Typed Name (CORPORATE SEAL) ,,Q/~~ ~~ Witness as to Surety' t ~2~liSe ~0.~w0.r<~ 800-638-1245 Telephone No. Facsimile No. Typed Name 3910 Keswick Rd, Baltimore MD 21211 Address City, State, Zip 800-638-1245 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 Band. If CONTRACTOR is partnership, all partners shall execute the Bond. IMPORTANT: Surety companies executing Bands must appear on 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 Attorney-in-Fact for execution of Performance Bond on behalf of Surety. END OF SECTION 00605-4 Pat E White