Common use of Payment and Performance Bond Clause in Contracts

Payment and Performance Bond. Within ten (10) days after the Lessor approves the plans in writing and Lessee obtains building permits consistent with the Plans, but in any event prior to the commencement of any construction, the Lessee shall, at Lessee’s sole cost and expense, furnish the Lessor with a Payment and Performance Bond in substantially the form prescribed by Section 255.05, Florida Statutes. Plans, design and construction documents will comply with all applicable contract, legal, and regulatory requirements including, without limitation, the Florida Building Code. The Payment and Performance Bond shall be issued by a bonding company which shall be approved by Lessor, in the reasonable exercise of its discretion, in an amount equal to one hundred percent (100%) of the costs to construct the Leasehold Improvements described in Exhibit E naming the Lessor as the owner/obligee, and the Lessee or Lessee’s general contractor, as the principal guaranteeing the payment and performance of Lessee’s obligations with respect to any and all construction work pertaining to the Leasehold Improvements, free of construction or other liens. The conditions of the Payment and Performance Bond shall be to insure that the Lessee or Lessee’s general contractor will: i. Promptly make payment to all claimants, as defined in Section 255.05 Florida Statutes, as amended, supplying the Lessee with labor, materials, or supplies, used directly or indirectly by the Lessee in the prosecution of the work related to the Leasehold Improvements under this Lease; ii. Pay Lessor all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Lessor sustains because of a default by Lessee under this Lease pursuant to claims made under Section 255.05, Florida Statutes; and iii. Perform the guarantee of all obligations of the Lessee’s under this Lease with respect to the construction, and the acquisition and installation of the Leasehold Improvements. The Payment and Performance Bond may be terminated at such time as the construction, and the acquisition and installation of the Leasehold Improvements are completed as evidenced by issuance of a Certificate of Occupancy and reasonably satisfactory evidence thereof is provided by the Lessee to the City Manager, including certification by the Lessee’s architect that all requirements of the Payment and Performance Bond have been satisfactorily concluded, and by the issuance of a Certificate of Occupancy. The form of the Payment and Performance Bond, a sample of which is attached herewith by reference as Exhibit F, shall be approved by the City Manager or the Risk Manager as his designee and by the City Attorney as to legal form, which approval shall not be unreasonably withheld.

Payment and Performance Bond. Within ten (10) days after the Lessor approves the plans for commencement and completion of the construction, and the acquisition and installation of the permanent Leasehold Improvements by the Lessee (as described in writing and Lessee obtains building permits consistent with the PlansExhibit “B” attached), but in any event prior to the commencement of any construction, the Lessee shall, at Lessee’s 's sole cost and expense, furnish the Lessor with a Payment and Performance Bond in substantially the form prescribed by Section 255.05, Florida Statutes. Plans, design and construction documents will comply with all applicable contract, legal, and regulatory requirements including, without limitation, the Florida Building CodeBond. The Payment and Performance Bond shall be issued by a bonding company which shall be approved by Lessor, in the reasonable exercise of its discretion, in an amount equal to one hundred percent (100%) of the costs to construct the Leasehold Improvements plus professional design fees related to the preparation of the construction documents for the Leasehold Improvements described in Exhibit E “E” naming the Lessor as the owner/obligee, and the Lessee or Lessee’s Lessee‟s general contractor, as the principal guaranteeing the payment and performance of Lessee’s 's obligations with respect to any and all construction work pertaining to the Leasehold Improvements, free of construction or other liens. The conditions of the Payment and Performance Bond shall be to insure that the Lessee or Lessee’s Lessee‟s general contractor will: i. Promptly (i) promptly make payment to all claimants, as defined in Section 255.05 Florida Statutes, 2013 as amended, supplying the Lessee with labor, materials, or supplies, used directly or indirectly by the Lessee in the prosecution of the work related to the Leasehold Improvements under this Lease;; and (ii. Pay ) to pay the Lessor all losses, damages, expenses, costs, and attorney’s attorneys fees, including appellate proceedings, that the Lessor sustains because of a default by the Lessee under this Lease pursuant to claims made under Section 255.05, Florida Statutes; and (iii. Perform ) perform the guarantee of all obligations of the Lessee’s 's under this Lease with respect to the construction, and the acquisition and installation of the Leasehold Improvements, as described in Exhibit “B”. The Payment and Performance Bond may be terminated at such time as the construction, and the acquisition and installation of the Leasehold Improvements are completed as evidenced by issuance of a Certificate of Occupancy and reasonably satisfactory evidence thereof is provided by the Lessee to the City Manager, including certification by the Lessee’s Lessee‟s architect that all requirements of the Payment and Performance Bond have been satisfactorily concluded, and by the issuance of a Certificate certificate of Occupancyoccupancy. The form of the Payment and Performance Bond, a sample of which is attached herewith by reference as Exhibit F, “E,” shall be approved by the City Manager or the Risk Manager as his designee and by the City Attorney as to legal formManager, which approval shall not be unreasonably be withheld. The City agrees that in the event the Lessee cannot obtain the above Payment and Performance Bond, the Payment and Performance Bond may be provided by the General Contractor(s) (in an amount acceptable to the City with respect to the work to be performed by the General Contractor(s), together with such Performance Bonds of the subcontractors as shall be required by the City, in lieu of the Lessee providing the same as Principal of the project. Said Payment and Performance Bond(s) shall comply with all the requirements listed under in subsections (i) through (iii) above.

Payment and Performance Bond. Within ten (10) days after the Lessor approves the plans for commencement and completion of the construction, and the acquisition and installation of the permanent Leasehold Improvements by the Lessee (as described in writing and Lessee obtains building permits consistent with the PlansExhibit “A” attached), but in any event prior to the commencement of any construction, the Lessee shall, at Lessee’s 's sole cost and expense, furnish the Lessor with a Payment and Performance Bond in substantially the form prescribed by Section 255.05, Florida Statutes. Plans, design and construction documents will comply with all applicable contract, legal, and regulatory requirements including, without limitation, the Florida Building CodeBond. The Payment and Performance Bond shall be issued by a bonding company which shall be approved by Lessor, in the reasonable exercise of its discretion, in an amount equal to one hundred percent (100%) of the costs to construct the Leasehold Improvements, plus professional design fees, related to the preparation of the construction documents for the Leasehold Improvements described in Exhibit E “A” naming the Lessor as the owner/obligee, and the Lessee or Lessee’s Lessee‟s general contractor, as the principal guaranteeing the payment and performance of Lessee’s 's obligations with respect to any and all construction work pertaining to the Leasehold Improvements, free of construction or other liens. The conditions of the Payment and Performance Bond shall be to insure that the Lessee or Lessee’s Lessee‟s general contractor will: i. Promptly (i) promptly make payment to all claimants, as defined in Section 255.05 255.05, Florida StatutesStatutes (2012), as amended, supplying the Lessee with labor, materials, or supplies, used directly or indirectly by the Lessee in the prosecution of the work related to the Leasehold Improvements under this Lease;; and (ii. Pay ) to pay the Lessor all losses, damages, expenses, costs, and attorney’s attorneys fees, including appellate proceedings, that the Lessor sustains because of a default by the Lessee under this Lease pursuant to claims made under Section 255.05, Florida StatutesStatutes (2012), as amended; and (iii. Perform ) perform the guarantee of all obligations of the Lessee’s 's under this Lease with respect to the construction, and the acquisition and installation of the Leasehold Improvements, as described in Exhibit “A”. The Bond, the Payment and Performance Bond may be terminated at such time as the construction, and the acquisition and installation of the Leasehold Improvements are completed as evidenced by issuance of a Certificate of Occupancy and reasonably satisfactory evidence thereof is provided by the Lessee General Contractor(s) (in an amount acceptable to the City Manager, including certification Lessor with respect to the work to be performed by the Lessee’s architect that all requirements of the General Contractor(s), together with such Payment and Performance Bond have been satisfactorily concluded, and Bonds of the subcontractors as shall be required by the issuance of a Certificate of Occupancy. The form Lessor, in lieu of the Lessee providing the same as Principal of the Project. Said Payment and Performance Bond, a sample of which is attached herewith by reference as Exhibit F, Bond(s) shall be approved by comply with all the City Manager or the Risk Manager as his designee and by the City Attorney as to legal form, which approval shall not be unreasonably withheldrequirements listed under in subsections (i) through (iii) above.

Payment and Performance Bond. Within ten (10) days after the Lessor approves the plans for commencement and completion of the construction, and the acquisition and installation of the permanent Leasehold Improvements by the Lessee (as described in writing and Lessee obtains building permits consistent with the PlansExhibit “A” attached), but in any event prior to the commencement of any construction, the Lessee shall, at Lessee’s 's sole cost and expense, furnish the Lessor with a Payment and Performance Bond in substantially the form prescribed by Section 255.05, Florida Statutes. Plans, design and construction documents will comply with all applicable contract, legal, and regulatory requirements including, without limitation, the Florida Building CodeBond. The Payment and Performance Bond shall be issued by a bonding company which shall be approved by Lessor, in the reasonable exercise of its discretion, in an amount equal to one hundred percent (100%) of the costs to construct the Leasehold Improvements, plus professional design fees, related to the preparation of the construction documents for the Leasehold Improvements described in Exhibit E “A” naming the Lessor as the owner/obligee, and the Lessee or Lessee’s general contractor, as the principal guaranteeing the payment and performance of Lessee’s 's obligations with respect to any and all construction work pertaining to the Leasehold Improvements, free of construction or other liens. The conditions of the Payment and Performance Bond shall be to insure that the Lessee or LesseeXxxxxx’s general contractor will: i. Promptly (i) promptly make payment to all claimants, as defined in Section 255.05 255.05, Florida StatutesStatutes (2012), as amended, supplying the Lessee with labor, materials, or supplies, used directly or indirectly by the Lessee in the prosecution of the work related to the Leasehold Improvements under this Lease;; and (ii. Pay ) to pay the Lessor all losses, damages, expenses, costs, and attorney’s attorneys fees, including appellate proceedings, that the Lessor sustains because of a default by the Lessee under this Lease pursuant to claims made under Section 255.05, Florida StatutesStatutes (2012), as amended; and (iii. Perform ) perform the guarantee of all obligations of the Lessee’s 's under this Lease with respect to the construction, and the acquisition and installation of the Leasehold Improvements, as described in Exhibit “A”. The Payment and Performance Bond may be terminated at such time as the construction, and the acquisition and installation of the Leasehold Improvements are completed as evidenced by issuance of a Certificate certificate of Occupancy occupancy and reasonably satisfactory evidence thereof is provided by the Lessee to the City ManagerExecutive Director, including certification by the Lessee’s architect that all requirements of the Payment and Performance Bond have been satisfactorily concluded, and by the issuance of a Certificate certificate of Occupancyoccupancy. The form of the Payment and Performance Bond, a sample of which is attached herewith by reference as Exhibit F, “E,” shall be approved by the City Manager or the Risk Manager as his designee and by the City Attorney as to legal formExecutive Director, which approval shall not be unreasonably be withheld. The Lessor agrees that in the event the Lessee cannot obtain the above Payment and Performance Bond, the Payment and Performance Bond may be provided by the General Contractor(s) (in an amount acceptable to the Lessor with respect to the work to be performed by the General Contractor(s), together with such Payment and Performance Bonds of the subcontractors as shall be required by the Lessor, in lieu of the Lessee providing the same as Principal of the Project. Said Payment and Performance Bond(s) shall comply with all the requirements listed under in subsections (i) through (iii) above.