2011-020 - Laserfiche WebLink

Home Browse Search

PUBLIC CONSTRUCTION BOND Bond No . S 720386 BY THIS BOND , We Electrical Contracting Service Inc as Principal and NGM Insurance Co. , a corporation , as Surety , are bound to Indian River County Board of County Commissioners , herein called Owner , in the sum of $ 634 , 000 . for payment of which we bind ourselves , our heirs , personal representatives , successors , and assigns , jointly and severally . THE CONDITION OF THIS BOND is that if Principal : 1 . Performs the contract dated February 1 , 2011 , between Principal and Owner for construction of Vero Beach Sports Village Sports Lighting Systems , the contract being made a part of this bond by reference , at the times and in the manner prescribed in the contract ; and 2 . Promptly makes payments to all claimants , as defined in Section 255 . 05 ( 1 ) , Florida Statutes , supplying Principal with labor , materials , or supplies , used directly or indirectly by Principal in the prosecution of the work provided for in the contract ; and 3 . Pays Owner all losses , damages , expenses , costs , and attorney ' s fees , including appellate proceedings , that Owner sustains because of a default by Principal under the contract ; and 4 . Performs the guarantee e)f all work and materials furnished under the contract for the time specified in the contract , then this bond is void ; otherwise it remains in full force . Any action instituted by a claimant under this bond for payment must be in accordance with the notice and time limitation provisions in Section 255 . 05 (2 ) , Florida Statutes . Any changes in or under the contract documents and compliance or noncompliance with any formalities connected with the contract or the changes does not affect SU.rety's' �A obligation under the bond Dated on February 1 , 2011 ,,V J f.e'J... Electrical Contracting Service Inc By As Attorne ' in - F+ " a J NGM Insurance Company . •:,