2003-024 - Laserfiche WebLink

Home Browse Search

I. Thd Contractor and the Surety,jointly an ally.bind themselves. 6. After the Owner has rminated the Contractor's right to compic—the their heirs,executors,administrators.sucCes d as to the Owner Cunstruction Contr•ae if the Surety elects to act under Subparagraph for the performance of the Construction Co which is incorporated 4.1.4.2.or 4.3 above, the responsibilities of the Surety to the Ow cr herein by reference. shall not be greater than those of the Contractor under the Construc:lon 2. If the Contractor performs the Construction Contract, the Surety and Contract,and the responsibilities of the Owner to the Suretv shall not be the Contractor shall have no obligation under this Bond,except to par- greater than those of the Owner under the Construction Contract.To the ticipate in conferences as provided in Subparagraph 3.1. limit of the amount of this Bond,but subject to commitment by the Owner 3. If there is no Owner Default, the Surety's obligation under this Bond of the Balance of the Contract Price to mitigation of costs and damages shall arise after on the Construction Contract,the Surety is obligated without duplication 3.1. The Owner has notified the Contrctor and the Surety at its address for: described in Paragraph 10 below. that the Owner is considering 6.1. The responsibilities of the Contractor for correction of defective declaring a Contractor Default and has requested and attempted work and completion of the Construction Contract: to arrange a conference with the Contractor and the Surety to be 6.2. Additional legal, design professional and delay costs resulting held not later than fifteen days after receipt of such notice to from the Contractor's Default,and resulting from the acticas or discuss methods of performing the Construction Contract. If the failure to act of the Surety under Paragraph 4.and Owner.the Contractor and the Surety agree,the Contractor shall 6.3. Liquidated damages,or if no liquidated damages are specified in be allowed a reasonable time to perform the Construction Con- the Construction Contract, actual damages caused by de!ayed tract,but such an agreement shall not waive the Owner's right,if performance or non-performance of the Contractor. i any,subsequently to declare a Contractor Default:and 7• The Surety shall not be liable to the Owner or others for obligations of 3.2. The Owner has declared a Contractor Default and formally ter- the Contractor that are unrelated to the Construction Contract,and the minted the Contractor's right to complete the contract. Such Balance of the Contract Price shall not be reduced or set off on account Contractor Default shall not be declared earlier than twenty days of any such unrelated obligations. No right of4ction shall accrue on this . Bond to any person or entity ocher than the Owner or its heirs,executors. after the Contractor and the Surety have received notice as pro- vided in Subparagraph 3.1•and administrators,or successors. 3.3. The Owner has agreed to pay the Balance of the Contract Price 8• The Surety hereby waives notice of any change,including changes of to the Surety in accordance with the terms of the Construction time. to the Construction Contract or to related subcontracts, purchase Contract or to a contractor selected to perform the Construction orders and other obligations. Contract in accordance with the tetras of the contract with the 9• Any proceeding.legal or equitable,under this Bond may be instituted Owner. in any court of competent jurisdiction in the location in which the work 4. When the Owner has satisfied the conditions of Pan or part of the work is located and shall be instituted within two years after graph 3,the Surety Contractor Default or within two years after the Contractor ceased work- shall promptly and at the Surety's expense take one of the following actions: ing or within two years after the Surety refuses or fails to perform its obligations under this Bond,whichever occurs first. If the provisions of 4.1. Arrange for the Contractor,with consent of the Owner,to perform this Paragraph are void or prohibited by law, the minimum period of and complete the Construction Contract:or limitation available to sureties as a defense in the jurisdiction of the suit 4.2. Undertake to perform and complete the Construction Contract shall be applicable. itself,through its agents or through independent contractors:or 10. Notice to the Surety,the Owner or the Contractor shall be mailed or 4.3. Obtain bids or negotiated proposals from qualified contractors delivered to the address shown on the signature page. acceptable to the Owner for a contract for performance and com- 11. When this Bond has been furnished to comply with a statutory or pletion of the Construction Contract.arrange for a contract to be ocher legal requirement in the location where the construction was to be prepared for execution by the Owner and the contractor selected performed.any provision in this Bond conflicting with said statutory or with the Owner's concurrence. to be secured with performance legal requirement shall be deemed deleted herefrom and provisions con- and payment bonds executed by a qualified surety equivalent to forming to-such statutory or other legal requirement shall be deemed the bonds issued on the Construction Contract, and pay to the Owner the amount of damages as described in Pincorporated herein.The intent is that this Bond shall be construed as a aragraph 6 in statutory bond and not as a common law bond. excess of the Balance of the Contract Price incurred by the Owner 12. Definitions. resulting from the Contractor's default:or I2.1. Balance of the Contract Price:The total amount 4.4. Waive its right to perform and complete,arrange for completion. payable t the Ow or obtain a new contractor and with reasonable promptness under Owner to the Contractor under the Construction Contact after the circumstances: all Proper adjustments have been made,including allowance to 1. Afro investigation,determine the amount for which it any be the Contractor of any amounts received or to be received by liable to the Owner and.as soon as practicable after the amount the Owner in settlement of or is n or other claims for dam- ages to which the Contractor s is determined,tender payment therefor to the Owner;or entti tled, reduced by all valid 2. Den liability *,..�- and proper payments Can to or on behalf of the Contractor Y yin whole or in part and rc::., ..,..Owner citing under the Construction Cor.:. :;. reasons therefor. I2.2. Construction Contract:The agreement between the Owner and S. if the Surety does not proceed as provided in Paragraph 4 with reason- the Contactor identified on the signature page, including all able promptness,the Surety shall be deemed to be in default on this Bond Contract Documents and changes thereto. fifteen days after receipt of an additional written notice from the Owner 12.3. Contactor Default:Failure of the Contractor,which has neither to the Surety demanding that the Surety perform its obligations under this been remedied nor waived,to perform or otherwise to comply Bond.and the Owner shall be entitled to enforce any remedy available to with the terms of the Construction Contract. the Owner.If the Surety proceeds as provided in Subparagraph 4.4,and 12.4. Owner Default: Failure of the Owner, which has neither been the Owner refuses the payment tendered or the Surety has denied liability, remedied nor waived,to pay the Contractor as required by the in whole or in part,without further notice the Owner shall be entitled to Construction Contract or to perform and complete or comply enforce any remedy available to the Owner. with the other terms thereof. (FOR INFORMATION ONLY—Name, Address and Telephone) AGENT or BROKER: OWNER'S REPRESENTATIVE (Architect, Engineer or other party): BROWN & BROWN, INC. PO BOX 1229 TAIGA, FL 33601-1229 813-226-1