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E.
<br /> L
<br /> PAYMENT BOND
<br /> KNOW ALL MEN BY THESE PRESENTS :
<br /> BY THIS BOND , we
<br /> as Principal (Contractor) ,
<br /> I' ( Insert name, principal business address, and telephone number of Principal/Contractor)
<br /> and
<br /> a corporation, as Surety,
<br /> (Insert name, principal business address, and telephone number of Surety)
<br /> are held and firmly bound unto the County of Indian River (Owner) , Florida, 1801 27th Street, Vero
<br /> Beach, Florida 32960, (772-567-8000) ,
<br /> in the sum of Dollars
<br /> amounting to 100% of the total bid price . For the payment of said sum we bind ourselves, our heirs ,
<br /> executors, administrators and assigns, jointly and severally, for the faithful performance of a certain
<br /> written Contract, dated the day of , 20 , entered into between the
<br /> Principal and the County of Indian River, for:
<br /> Bond Number:
<br /> irr
<br /> Project Name : Moorings Club a & Indian River County Seawall Repairs
<br /> County Project Number: 0822
<br /> Project Address : 400 & 600 Harbour Drive, Vero Beach, Fl. 32963
<br /> Project Description : Construction of Seawall Repairs, and Related
<br /> Incidentals.
<br /> A copy of said Contract including all Contract Documents therein referenced and made a part thereof is
<br /> incorporated herein by reference and is made a part hereof as if fully copied herein .
<br /> NOW , THEREFORE, THE CONDITIONS OF THIS OBLIGATION ARE SUCH, that, if the Principal
<br /> shall promptly make payments to all claimants , as herein below defined, then this obligation shall be void;
<br /> otherwise, this Bond shall remain in full force and effect, subject to the following terms and conditions :
<br /> 1 . A claimant, as defined in Florida Statutes Section 255 . 05 ( 1 ) (2005 ), supplying Principal
<br /> with labor, materials, or supplies, used directly or indirectly by Principal in the prosecution of the
<br /> Ir Work provided for in the Contract.
<br /> 2 . The provisions of Florida Statutes section 255 . 05 (2005 ) , together with all notice and time
<br /> provisions contained in Florida Statutes section 255 .05 (2) , shall apply to this Bond.
<br /> The Surety, for value received, hereby stipulates and agrees that no change , extension of time , increase in
<br /> Contract price, alteration of or addition to the terms of the Contract or to the Work to be performed
<br /> thereunder or to the Drawings or Specifications applicable thereto , shall in any way affect its obligations
<br /> Page 51 of 55
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