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40 <br />i <br />• <br />0 <br />by the Contractor in accordance with the terms and Conditions hereof, within the <br />time herein provided and with the additional obligation that such Contractor shall <br />promptly make payments to all persons supplying him labor, materials and supplies, <br />used directly or indirectly by the said Contractor in the prosecution of the work <br />provided for in this contract. <br />The Contractor shall record the Payment and Performance Bond with the Public <br />Records Section of the Indian River Courthouse located at 2000 16"' Avenue, Vero <br />Beach, Florida, 32960. The recorded bonds will be forwarded to the Purchasing <br />Division within a week. <br />The Contractor shall provide two separate bonds, a combined Payment and <br />Performance Bond for 125% of the contract price is not an acceptable substitute. <br />in lieu of the Public Construction Bond, the Contractor may furnish an alternative <br />fonri of security in the form of cash, money order, certified check, cashier's check, <br />irrevocable letter of credit or a security as listed in Part It of F.S. Chapter 635. Any <br />such alternative form of security shall be for the same purpose, and be for the same <br />amount and subject to the same conditions as those applicable to the bond other- <br />wise required. <br />Performance and Payment Bonds may be waived by the County if the total contract <br />is below $50,000. <br />IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year first <br />written above. <br />Signed and sealed by the (Contractor) <br />Contractor in the presence of: <br />(Seal) <br />INDIAN RIVER COUNTY <br />By: _ <br />John W. Tippin, Chairman <br />Dated: <br />Attest. <br />Attest <br />Jeffrey K Barton, Cleric <br />(SEAL) <br />ar, R E LmEN,r <br />A - 3 <br />