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: 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: 1. Performs the Agreement dated , , between Principal and Owner for construction of ,the Agreement being made a part of this bond by reference, at the times and in the manner prescribed in the Agreement; and 2. Promptly makes payments to all claimants, as defined in Section 255.05(1), Florida Statutes, supplying Principal with labor, materials, or supplies, used directly or indirectly by Principal in the prosecution of the work provided in the Agreement; and 3. Pays Owner all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Owner sustains because of a default by Principal under the Agreement; and 4. Performs the guarantee of all work and materials furnished under the Agreement for the time specified in the contact, then this bond is void; otherwise it remains in full force. Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Section 255.05(2), Florida Statutes. Any changes in or under the Agreement documents and compliance or noncompliance with any formalities connected with the contract or the changes does not affect Surety’s obligation under this bond. In the event of non-performance on the part of the Contractor this Performance / Payment and Material Bond can be presented for honor and acceptance at (address) which is located in Tallahassee, Florida. DATED on this the day of , 20 . Payment bond executed as a result of the requirements herein by a surety shall make reference to Section 255.05, Florida Statutes, by number and shall contain reference to the notice and time limitations provisions in Section 255.05, Florida Statues. The surety shall be rated as B+ or better by Best’s key guide latest edition.

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: 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: 1. Performs the Agreement dated , , between Principal and Owner for construction of ,the Agreement being made a part of this bond by reference, at the times and in the manner prescribed in the Agreement; and 2. Promptly makes payments to all claimants, as defined in Section 255.05(1), Florida Statutes, supplying Principal with labor, materials, or supplies, used directly or indirectly by Principal in the prosecution of the work provided in the Agreement; and 3. Pays Owner all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Owner sustains because of a default by Principal under the Agreement; and 4. Performs the guarantee of all work and materials furnished under the Agreement for the time specified in the contact, then this bond is void; otherwise it remains in full force. Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Section 255.05(2), Florida Statutes. Any changes in or under the Agreement documents and compliance or noncompliance with any formalities connected with the contract or the changes does not affect Surety’s obligation under this bond. In the event of non-performance on the part of the Contractor this Performance / Payment and Material Bond can be presented for honor and acceptance at (address) which is located in Tallahassee, Florida. DATED on this the day of , 20 . Payment bond executed as a result of the requirements herein by a surety shall make reference to Section 255.05, Florida Statutes, by number and shall contain reference to the notice and time limitations provisions in Section 255.05, Florida Statues. The surety shall be rated as B+ or better by Best’s key guide latest edition.

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: 1. Performs the Agreement dated , , between Principal and Owner for construction of ,the Agreement being made a part of this bond by reference, at the times and in the manner prescribed in the Agreement; andof 2. Promptly makes payments to all claimants, as defined in Section 255.05(1), Florida Statutes, supplying Principal with labor, materials, or supplies, used directly or indirectly by Principal in the prosecution of the work provided in the Agreement; and 3. Pays Owner all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Owner sustains because of a default by Principal under the Agreement; and 4. Performs the guarantee of all work and materials furnished under the Agreement for the time specified in the contact, then this bond is void; otherwise it remains in full force. Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Section 255.05(2), Florida Statutes. Any changes in or under the Agreement documents and compliance or noncompliance with any formalities connected with the contract or the changes does not affect Surety’s obligation under this bond. In the event of non-performance non‐performance on the part of the Contractor this Performance / Payment and Material Bond can be presented for honor and acceptance at (address) which is located in Tallahassee, Florida. DATED on this the day of , 20 . (Name of Principal) By: (As Attorney‐In‐Fact) Payment bond executed as a result of the requirements herein by a surety shall make reference to Section 255.05, Florida Statutes, by number and shall contain reference to the notice and time limitations provisions in Section 255.05, Florida Statues. The surety shall be rated as B+ or better by Best’s key guide latest edition.

Performance and Payment Bond. Performance and Payment Bond At the time of execution of this Agreement, Contractor shall deliver to the County a two Performance and Payment bondbonds, 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 bonds 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 the following manner: a. A bond, naming the County as the owner, in the amount equal to one hundred (100%) percent of $1,507,300 for the estimated project costwork as set forth in Exhibit A, without any deduction therefromDesign / Build Request for Proposal, excluding the Water and Wastewater Utility Adjustments and Relocations; and b. A bond, naming the County and the City of Tallahassee as owners, in the amount of $424,200 for the Water and Wastewater Utility Adjustments and Relocation work as set forth in Exhibit A, Design / Build Request for Proposal. 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:. 1. Performs the Agreement dated , , between Principal and Owner for construction of ,the Agreement being made a part of this bond by reference, at the times and in the manner prescribed in the Agreement; and 2. Promptly makes payments to all claimants, as defined in Section 255.05(1), Florida Statutes, supplying Principal with labor, materials, or supplies, used directly or indirectly by Principal in the prosecution of the work provided in the Agreement; and 3. Pays Owner all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Owner sustains because of a default by Principal under the Agreement; and 4. Performs the guarantee of all work and materials furnished under the Agreement for the time specified in the contact, then this bond is void; otherwise it remains in full force. Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Section 255.05(2), Florida Statutes. Any changes in or under the Agreement documents and compliance or noncompliance with any formalities connected with the contract or the changes does not affect Surety’s obligation under this bond. In the event of non-performance non‐performance on the part of the Contractor this Performance / Payment and Material Bond can be presented for honor and acceptance at (address) which is located in Tallahassee, Florida. DATED on this the day of , 20 . (Name of Principal) By: (As Attorney‐In‐Fact) Payment bond executed as a result of the requirements herein by a surety shall make reference to Section 255.05, Florida Statutes, by number and shall contain reference to the notice and time limitations provisions in Section 255.05, Florida Statues. The surety shall be rated as B+ or better by Best’s key guide latest edition.