Common use of Performance and Payment Bond Clause in Contracts

Performance and Payment Bond. At the time of execution of this Agreement, Contractor shall deliver to the County a Performance and Payment bond, to secure the faithful performance by Contractor of all the terms, covenants, and conditions of this Agreement and the prompt payment, by Contractor, of amounts due all persons supplying labor, services, equipment, or material used in the prosecution of the work to be performed under this Agreement and any and all duly authorized modifications thereof. Such bond shall meet all requirements of applicable law and shall be issued by a surety acceptable to the County, in the form approved by the County, and in an amount equal to one hundred (100%) percent of the estimated project cost, without any deduction therefrom. Failure to provide the required Bond(s) within the aforementioned time frame may result in a termination of this Agreement. Performance and Payment and Material Bonds shall provide that, in the event of non-performance on the part of the Contractor the bond can be presented for honor and acceptance at an authorized representative or institution located in Tallahassee, Florida. The Bond required herein shall be in substantially the following form: PUBLIC CONSTRUCTION BOND Bond No. (enter bond number) BY THIS BOND, We , as Principal and , a corporation, as Surety, are bound to Xxxx County, Florida herein called Owner, in the sum of $ , for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally. THE CONDITION OF THIS BOND is that if Principal:

Performance and Payment Bond. At the time of execution of this Agreement, Contractor shall deliver to the County a Performance and Payment bond, to secure the faithful performance by Contractor of all the terms, covenants, and conditions of this Agreement and the prompt payment, by Contractor, of amounts due all persons supplying labor, services, equipment, or material used in the prosecution of the work to be performed under this Agreement and any and all duly authorized modifications thereof. Such bond shall meet all requirements of applicable law and shall be issued by a surety acceptable to the County, in the form approved by the County, and in an amount equal to one hundred (100%) percent of the estimated project cost, without any deduction therefrom. Failure to provide the required Bond(s) within the aforementioned time frame may result in a termination of this Agreement. Performance and Payment and Material Bonds shall provide that, in the event of non-performance on the part of the Contractor the bond can be presented for honor and acceptance at an authorized representative or institution located in Tallahassee, Florida. The Bond required herein shall be in substantially the following form: PUBLIC CONSTRUCTION BOND Bond No. (enter bond number) BY THIS BOND, We , as Principal and , a corporation, as Surety, are bound to Xxxx Leon County, Florida herein called Owner, in the sum of $ , for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally. THE CONDITION OF THIS BOND is that if Principal:

Performance and Payment Bond. Performance and Payment Bond At the time of execution of this Agreement, Contractor shall deliver to the County a Performance and Payment bond, to secure the faithful performance by Contractor of all the terms, covenants, and conditions of this Agreement and the prompt payment, by Contractor, of amounts due all persons supplying labor, services, equipment, or material used in the prosecution of the work to be performed under this Agreement and any and all duly authorized modifications thereof. Such bond shall meet all requirements of applicable law and shall be issued by a surety acceptable to the County, in the form approved by the County, and in an amount equal to one hundred (100%) percent of the estimated project costGuaranteed Maximum Price specified in Section 7, without any deduction therefrom. Failure to provide the required Bond(s) within the aforementioned time frame may result in a termination of this Agreement. Performance and Payment and Material Bonds shall provide that, in the event of non-performance non‐performance on the part of the Contractor the bond can be presented for honor and acceptance at an authorized representative or institution located in Tallahassee, Florida. The Bond required herein shall be in substantially the following form: PUBLIC CONSTRUCTION BOND Bond No. (enter bond number) BY THIS BOND, We , as Principal and , a corporation, as Surety, are bound to Xxxx Leon County, Florida herein called Owner, in the sum of $ , for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally. THE CONDITION OF THIS BOND is that if Principal:

Performance and Payment Bond. Performance and Payment Bond At the time of execution of this Agreement, Contractor shall deliver to the County a Performance and Payment bond, to secure the faithful performance by Contractor of all the terms, covenants, and conditions of this Agreement and the prompt payment, by Contractor, of amounts due all persons supplying labor, services, equipment, or material used in the prosecution of the work to be performed under this Agreement and any and all duly authorized modifications thereof. Such bond shall meet all requirements of applicable law and shall be issued by a surety acceptable to the County, in the form approved by the County, and in an amount equal to one hundred (100%) percent of the estimated project costGuaranteed Maximum Price specified in Section 7, without any deduction therefrom. Failure to provide the required Bond(s) within the aforementioned time frame may result in a termination of this Agreement. Performance and Payment and Material Bonds shall provide that, in the event of non-performance non‐performance on the part of the Contractor the bond can be presented for honor and acceptance at an authorized representative or institution located in Tallahassee, Florida. The Bond required herein shall be in substantially the following form: PUBLIC CONSTRUCTION BOND Bond No. (enter bond number) BY THIS BOND, We , as Principal and , a corporation, as Surety, are bound to Xxxx County, Florida herein called Owner, in the sum of $ , for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally. THE CONDITION OF THIS BOND is that if Principal: