Common use of Qualification of Surety Clause in Contracts

Qualification of Surety. Each Bond shall continue in effect for one year after Final Completion and acceptance of the Work with liability equal to one hundred percent (100%) of the Contract value, or an additional bond shall be conditioned that Design-Build Firm will, upon notification by City, correct any defective or faulty work or materials which appear within one year after Final Completion of the Project(s). The City must be listed as an Obligee. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, as may be amended from time to time, Design-Build Firm shall ensure that the bond(s) referenced above shall be recorded in the public records and provide City with evidence of such recording. The Payment/ Performance Bond shall be in substantially the form provided by Section 255.05, Florida Statutes and be subject to the approval of the Risk Management Director and the City Attorney as to legal form.

Qualification of Surety. Each Bond shall continue in effect for one year after Final Completion and acceptance of the Work with liability equal to one hundred percent (100%) of the Contract value, or an additional bond shall be conditioned that Design-Build Firm will, upon notification by City, correct any defective or faulty work or materials which appear within one year after Final Completion of the Project(s). The City must be listed as an Obligee. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, as may be amended from time to time, Design-Build Firm shall ensure that the bond(s) referenced above shall be recorded in the public records and provide City with evidence of such recording. The Payment/ Performance Bond shall be in substantially the form provided by Section 255.05, Florida Statutes and be subject to the approval of the Risk Management Director and the City Attorney as to legal form.

Qualification of Surety. Each Bond shall continue in effect for one year after Final Completion and acceptance of the Work with liability equal to one hundred percent (100%) of the Contract value, or an additional bond shall be conditioned that Design-Build Firm Contractor will, upon notification by City, correct any defective or faulty work or materials which appear within one year after Final Completion of the Project(s). The City must be listed as an Obligee. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, as may be amended from time to time, Design-Build Firm Contractor shall ensure that the bond(s) referenced above shall be recorded in the public records and provide City with evidence of such recording. The Payment/ Performance Bond shall be in substantially the form provided by Section 255.05, Florida Statutes and be subject to the approval of the Risk Management Director and the City Attorney as to legal form.