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1 . A claimant is defined as any person supplying the Principal with labor; materials or supplies , used directly or indirectly by the Principal in the prosecution of the Work provided for in the Contract, and is further defined in Florida Statutes Section 713. 01 . 2 . Florida Statutes Section 255.05 (2007), as amended from time to time, together with all notice and time provisions contained in subsection (2) of Florida Statutes Section 255 . 05 , is incorporated herein in its entirety by this reference The Surety, for value received , hereby stipulates and agrees that no charge, extension of time , alteration of or addition to the terms of the Contract or to the work to be performed thereunder or to the Specifications applicable thereto, shall in any way affect its obligations on this Bond , and the Surety hereby waives notice of any such change, extension of time, alterations of or addition to the terms of the Contract, or to the work or to the Specifications . The Surety represents and warrants to the County of Indian River that it has a Best's Key Rating Guide , General Policyholder's rating of "A" and Financial Size Category of Class "X". The Principal and Surety jointly and severally covenant and agree that this Bond will remain in full force and effect for a period of one year commencing on the date of Substantial Completion as established on the Certificate of Substantial Completion as issued by the County of Indian River. The Principal and Surety jointly and severally, agree to pay the County of Indian River all losses, damages , expenses , costs, and attorney's fees , including appellate proceedings, that the County of Indian River sustains because of a default by the Principal under the Contract. IN WITNESS WHEREOF, the above bound parties executed this instrument under their several seals, this M _ day of 20 08 the name and corporate seal each corporate party being het oto affixed and the rese presents duly signed by its undersigned representative, pursuant to authority of its governing body. 00612-2 HSP10jects10741 %Bidding Contract SpecificationslSpec Template120071006121Payment Bond .doc