HomeMy WebLinkAboutCathcart Contracting Company Labor and Material Payment Bond -1999 09 28BO1V`ll~NO.: 166429
Executed in 4 Counterparts
SECTION 00620
LABOR AND MATERIALS PAYMENT BOND FORM
THIS INSTRUMENT WITNESSETH: That we (1) Cathcart Contracting Company 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, and we (4) North American Specialty Insurance Company a (2)
Corporation organized under the laws of the State of New Hampshire and regularly authorized to do business
in the State of (3) Florida as Surety, are held and firmly bound unto (5) City of Winter Springs, Florida
hereinafter called the Owner in accordance with a Contract hereinafter referred to, in the penal sum of (6) * see
below Dollars ($1.707,144.89) lawful money of the United States, well and truly
to be paid unto the said Owner, for the payment of which we bind ourselves, our heirs, executors,
administrators, successors and assignees, jointly and severally, firm) ~, by these presents. WHEREAS, the
said principal has entered into a written contract with the Owner dated _ for work
designated as **Project #010-99 located in Winter Springs Blvd., Winter Spr ngs, FL conformity with 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;
**Tuscawilla Lighting and Beautification District Entry Way
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 all 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
performing 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, alteration 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.
This bond shall remain in effect for a period of one year from the date of issuance of the Substantial
Completion Certificate.
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
(6) 100 percent of the Contract: One Million Seven Hundred Seven Thousand One Hundred Forty Four and 89/100 Dollars
00620-1
IN WITNESS WHEREOF, this instrument is executed in several counterparts, each one of which shall be
deemed an original, this the day of , 19_.
(SEAL) (1) Cathcart tracting Company
r-
sy:
Title: ,~~5/ D~N%
(SEAL) (2) North American Specialty Insurance Company
Title: Jeffr y W. Reich, (Attorney in Fact & Florida Licensed Resident Agent)
Inquiries: (407) 786-7770
(1) Contractor
(2) Surety
END OF SECTION
00620-2