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HomeMy WebLinkAboutA.P.E.C., Inc. Performance Bond July -1999 07 22 THE AMERICAN INSTITUTE OF ARCHITECTS ,...., ~~~411~I) ~/l~ ;; ,,;, 1 ~i,~,l~y '~~ ~~~ . -~ Bond No.: 70717009 Executed in 4 Counterparts AIA Document A311 Performance Bond KNOW ALL MEN BY THESE PRESENTS: that APEC, Inc. 7819 Thicket Lane, Orlando, FL 32819 (407) 493-4022 as Principal, hereinafter called Contractor, and, John Deere Insurance Company 3400 80th Street, Moline, IL 61265-5886 (800) 447-0633 (Here insert full name and address or legal title of Contractor) (Here insert full name and address or legal title of Surety) as Surety, hereinafter called Surety, are held and firmly bound unto City of Winter Springs 1126 East SR434, Winter Springs FL 32708-2715 (407) 327-5989 as Obligee, hereinafter called Owner, in the amount of One Hundred Eight Thousand, Two Hundred Thirty One & 20/100 (Here insert full name and address or legal title of Owner) Dollars ($ -108,231.20- ), for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Contractor has by written agreement dated ~8 ~~ ~+-~ ! 9 99 ,entered into a contract with Owner for (Here insert full name and address and description of project) Project #103-99, Winter Springs Traffic Calming Devices, Intersection of SR434 & Wade Street, Winter Springs FL 32708 in accordance with Drawings and Specifications prepared by (Here insert full name and address or legal title of Architect) which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. AIA DOCUMENT A311 • PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND• •AIA ® I FEBRUARY 1970 ED. • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 N.Y. AVE., N.W., WASHINGTON, D.C. 20006 ORidA 222 S. Westmonte Drive, Suite 307 $ 'RETy Altamonte Springs, FL 32714 Nd5 INC. (407) 786-7770 _. PERFORMANCE BOND NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. The Surety hereby waives notice of any alteration or extension of time made by the Owner. Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly 1) Complete the Contract in accordance with its terms and conditions, or 2) Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon de- termination by Surety of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though there should be a default or a succession of Signed and sealed this ~~ /'~~ ~ `~.~~ (Witness) .. ~° 1~... _ _-.~~._ (Witness) defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price," as used in this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor. Any suit under this bond must be instituted before the expiration of two (2) years from the date on which final payment under the Contract falls due. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or the heirs, executors, adminis- trators or successors of the Owner. day of ~ J L/ ~ 9 99 APEC, Inc. - ~ ~, o.~- (Princi al) (Sea!) ~.5~ (Title) John Deere Insurance Company (Surety) (Seal) . ~ ~~JL. Jeffrey ,(Title)Attorney-in-Fact & Florida Licensed Resident Agent (407) 786-7770 AIA DOCUMENT A311 • PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND• •AIA FEBRUARY 1970 ED. • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 N.Y. AVE., N.W., WASHINGTON, D.C. 20006