Common use of Performance and Payment Bonds Clause in Contracts

Performance and Payment Bonds. 21.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the City. The City, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to City. If Contractor fails to make such substitution, City may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 The City may, in the City's sole discretion, inform surety of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 15.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida StatutesStatutes (2019); or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the CityCity Manager. The CityCity Manager, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 15.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 15.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 15.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to CityCity Manager. If Contractor fails to make such substitution, City Manager may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 15.5 The City may, in the City's sole discretion, inform surety xxxxxx of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 15.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida StatutesStatutes (2016); or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the CityCity Manager. The CityCity Manager, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to CityCity Manager. If Contractor fails to make such substitution, City Manager may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 The City may, in the City's sole discretion, inform surety of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value Contract Value of $125,000 (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the CityCity Manager. The CityCity Manager, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to CityCity Manager. If Contractor fails to make such substitution, City Manager may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 The City may, in the City's sole discretion, inform surety of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 18.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the City. The City, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 18.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 18.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 18.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to City. If Contractor fails to make such substitution, City may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 18.5 The City may, in the City's sole discretion, inform surety of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 18.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 15.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida StatutesStatutes (2019); or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the CityCity Manager. The CityCity Manager, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 15.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 15.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 15.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to CityCity Manager. If Contractor fails to make such substitution, City Manager may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 15.5 The City may, in the City's sole discretion, inform surety of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 15.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the City. The City, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx XxxxAmbest Road, XxxxxxxOldwick, Xxx Xxxxxx 00000New Jersey 08858: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to City. If Contractor fails to make such substitution, City may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 The City may, in the City's sole discretion, inform surety xxxxxx of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 17.1 The Contractor CONTRACTOR is required to furnish to the City CITY a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value awarded annual amount of the Contract (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida StatutesStatutes (2019); or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the CityCity Manager. The CityCity Manager, to draw on same, would merely have to give written notice to the bank with a copy to the ContractorCONTRACTOR. 21.2 17.2 The Performance Bond shall secure and guarantee ContractorCONTRACTOR’s faithful performance of this Agreement, including but not limited to ContractorCONTRACTOR’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 17.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor CONTRACTOR shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 17.4 If the surety on any Bond furnished by Contractor CONTRACTOR is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor CONTRACTOR shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to CityCity Manager. If Contractor CONTRACTOR fails to make such substitution, City Manager may procure such required Bonds on behalf of Contractor CONTRACTOR at ContractorCONTRACTOR’s expense. 21.5 17.5 The City CITY may, in the CityCITY's sole discretion, inform surety xxxxxx of the progress of the Work, any defects in the Work, or any defaults of Contractor CONTRACTOR under the Contract Documents and obtain consents as necessary to protect the CityCITY's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 Contractor 17.6 CONTRACTOR shall indemnify and hold harmless the City CITY and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor CONTRACTOR to procure the Bonds required herein.

Performance and Payment Bonds. 21.1 20.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the City. The City, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. 21.2 20.2 The Performance Bond shall secure and guarantee Contractor’s faithful performance of this Agreement, including but not limited to Contractor’s obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all Subcontractors performing labor on the Project under this Agreement and furnishing supplies, materials or services in connection herewith. These Bonds shall be in effect through the duration of the Agreement plus the warranty period as required by the Contract Documents. 21.3 20.3 Each Bond shall be written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Bonds required hereunder shall be executed by a responsible surety licensed in the State of Florida, and have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+. The Contractor shall require the attorney in fact who executes the required Bonds on behalf of the surety to affix thereto a certified and current copy of this power of attorney indicating the monetary limit of such power. 21.4 20.4 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, Contractor shall within three (3) Days substitute another Bond and surety, both of which must be acceptable to City. If Contractor fails to make such substitution, City may procure such required Bonds on behalf of Contractor at Contractor’s expense. 21.5 20.5 The City may, in the City's sole discretion, inform surety xxxxxx of the progress of the Work, any defects in the Work, or any defaults of Contractor under the Contract Documents and obtain consents as necessary to protect the City's rights, interest, privileges and benefits under and pursuant to any Bond issued in connection with the Project. 21.6 20.6 Contractor shall indemnify and hold harmless the City and any agents, employees, representative from and against any claims, expenses, losses, costs, including reasonable attorneys’ fees, as a result of any failure of Contractor to procure the Bonds required herein.. DocuSign Envelope ID: 9D9D427F-A118-4882-A2CF-36B055B3023D