HomeMy WebLinkAboutCathcart Contracting Company Performance Bond Form -1999 09 28BOND NO.: 166429
Executed in 4 Counterparts
SECTION 00610
PERFORMANCE 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 Florida as Principal, and we (3) North American Specialty Insurance Comuany
a (2) Corporation organized under the laws of the State of New Hampshire
and regularly authorized to do business in the State of Florida as Surety, are held and firmly
bound unto City of Winter Springs. Florida ,hereinafter called the Owner in accordance with a Contract
hereinafter referred to, in the penal sum of (4) *see below
Dollars ($1.877.859.381 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, firmly by these presents;
WHEREAS, the said Principal has entered into a written contract with the Owner dated~~.o~u.r~rz ~._., /`l9`-
for the work designated as **Pro_iect #010-99 located in Winter S ings Blvd., Winter Springs,
Florida in 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 Enhancements #010-99
NOW, THEREFORE, the condition of this obligation is such that if the Principal shall faithfully perform the
Contract on his (its) part, and satisfy all covenants, terms, conditions and agreements incurred by the
Principal in the performance of said Contract, during the original term thereof, and any extensions thereof
which may be granted by the Owner, with or without notice to the Surety, and shall satisfy all claims and
demands 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, including any default based upon failure of the Principal, to fulfill his
obligation to furnish maintenance, repairs, or replacements for any period of time after the work is
completed, if provided for in said 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 all materials
furnished and workmanship performed under the Contract and in the construction of the work shall fulfill
all requirements of the Contract and the Contract Documents with respect to them. This bond shall remain
in effect for a period of one year from the issuance of the Substantial Completion Certificate.
IT IS HEREBY STIPULATED AND AGREED that any suit based upon any default of the Principal in
fulfilling his obligations to furnish maintenance, repairs, or replacements for any period of time after the
Work is completed, if provided for in the Contract, may be brought at any time up to six months after the
expiration of the time specified in the Contract during which the Contractor has agreed to furnish such
maintenance or make such repairs or replacements.
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.
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) Surety
(4) 110% of the Contract:* One Million Eight Hundred Seventy Seven Thousand Eight Hundred Fifty Nine and
381100 Dollars
00610-1
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 Contracting Company
Title: .pR.~S~Dr~
(SEAL) (2) North American Specialty Insurance Company
gy; .~l~
Title: Jeffry .Reich, (Attorney in Fact & Florida Licensed Resident Agent)
Inquiries: (407) 786-7770
(1) Contractor
(2) Surety
END OF SECTION
00610-2