|
M
<br />I. The Contractor and the Surety, jointly and severally. hind thcroscives,
<br />their heirs, executors, administrators, successors and assigns to the Owucr
<br />for the perfomiance of [lie Construction COlnrac4 WhiCh is iticorpnratcd
<br />herein by reference.
<br />2. If lite Contractor performs the Construction Contract. the Surely and
<br />the Contractor shall have no obligation undo this Mond. except tI�
<br />participate in conferences as provided in Subparagraph 3.1.
<br />3. If there is no Owner Derautt, the Surely's Obligation under this Dond
<br />shall arise after:
<br />3.1. ]lie Owner has notified [lie Contractor anti the Surely at its
<br />address described in paragcoph In below, that the Owner A
<br />considering declaring a Contractor Derauh and has requested anti
<br />attempted (o arrange a conference wills tale Contractor and the
<br />Surety to he held not later than fifteen days after receipt or such
<br />notice to discuss methods of perfumtring file C-onshociiott
<br />Contract. If the owner. file Contractor anti the Surely agree.. the
<br />Contractor shall be allowed a reasonable lime to perform Ilrc
<br />Consinrclion Conuacl, bill such an agreement shall lint waive the
<br />Owner's right., if any, subsnlucarly to declare a Coulrnclor
<br />Default: and
<br />3.2, The Owncr fins declared a Coniroclor Defaull and formally
<br />lerminared the Contractor's right to complete the rornlacl Such
<br />Contractor t3craull shall not be declared earlier than Iwcnry Jays
<br />after the Contractor and the Surety have rcccivcd nnlice a
<br />provided in Subparagraph 3.1; and
<br />3.3, The Owner has agreed to pay the Datance of Ilse Contract Price to
<br />Ilse Surety in accordance with lite terms or rbc Comimiction
<br />Contract or to a contractor selected fo pelioma II1C Cnn9lruehlln
<br />Comract in accordance wills the tams of she conlracl with the
<br />Owner.
<br />4. When rhe Owner has satisfird the conditions of Paragraph 3, the
<br />surety shall promptly and at the Surety`s CrtpensC take coe or 1110
<br />rollowing actions:
<br />4.1. Arrange for the Contractor, with the consent of she Owner, to
<br />perform and cootptete Ilse Construction Conuacs; or
<br />4.2. Undertake to perforin and complete [lie C'onshuctirnl Contract
<br />itself, through its agents ar Ihraagh independent contruclors: or
<br />4.3. Dblain bids or negnliated proposals from qualified coullactnrs
<br />acceptable to the Owner for Ilse contract for perrornrance and
<br />completion of the Construction Contract, arraluge for a contract Its
<br />be prepared rot execution by the Owner and the contractor
<br />selected with the Owner's concurrence, to he secured with
<br />performance and payment bonds executed by a 4yWified surely
<br />Cquivalent to the hands issued on the Construction Cunlracl, and
<br />pay to the Owner the amount of dantagcs as descrihcd in
<br />paragraph 6 in excess of she balance of the Conlract Pute
<br />incurred by the Owner resulting ftour the Contractor's defautt: or
<br />4.4. Waive its right to perform and complete, arrange for completion,
<br />or obtain a new contractor and With reasonable prORIPIrIcss under
<br />iiic 6mullislanecs:
<br />I. Aller invesiigalion, dcterminc the amount for which it niay he
<br />liable to the Owner and as soon as practicable after the anm ni
<br />isdclermincd, leader payment Ihciefore to the fawner, or
<br />2, Deny liability in whole or in pail and notify, Ilse Owner citing
<br />reasons therefore.
<br />5. if Idle Surely does not proceed as provided in Paragraph 4 will reason-
<br />able promptness, the Surety shall he deemed to be in default on this Dond
<br />Bitten days atter receipt of an additional written notice from the Owner
<br />to the Surety demanding dial the Surety perform its obligations under this
<br />Dond, and Ilse Owner shall be entitled to enforce any rcrnctly available to
<br />the Owner. if the Surety proceeds as provided in Sul,paragraph 4.4, and
<br />the Owner refuses the payment tendered or [lie Surely has denied
<br />liability, in whole or in part,
<br />without Curlher notice (lie Owner shall he entitled to enforce any remedy
<br />available to the Owner.
<br />(FOR INFORMATION ONLY -- Name, Address and Telephone)
<br />AGENT or DROICER: (407) 834-0022 O
<br />Guignard Company
<br />1904 Boothe Circle, Longwood, FL 32750 00
<br />6. After the Owner has terminated the C'ontractor's right to conrplele the
<br />Construction Contract, and if the Surety elects to act artier Subparaglaph 4. 1.
<br />4.2, or 4.1 above, then the responsibilities of the Surety to the Owner shall not
<br />he greater titan those of the Contractor under the Conslruclion Contract, and
<br />the tesponsihililics of Ilse Owner to the Surely shall not be greater Ihan those
<br />of the Owner under the Construction Contract. TO the lirtril [PC tse amount of
<br />this Bond, but subject commilnrcin by the Owncr or Ilse balance or the
<br />COMM( Price to mitigation or costs anti damages on Ilse COnstructian
<br />C'oturacs. the Surely is obligaled without duplication for:
<br />f,.l. 'the responsihilllics of 111e Contractor rot correction of dCCcrtivc
<br />walk and conrplelion of the Conslruclion Contract:
<br />s 6 2 Additional legal, design professional and delay costs resnitiug
<br />front Ilse Contractor's t)eranll, and resulting from the actions or
<br />failure to act Of 111C Surely under paragraph 4: and
<br />fi 3 l.itplitlaird damages, or irno liquidaled damages ire specified in
<br />Ilse €'onshuction C'oulract. actual rlarnages causcd by relayed
<br />pcifonnanceOr ilon•perfmrmaucc of Itic Contractor.
<br />7. "file Surely shall not he liable to The Ow net or others for ohligalions of lire
<br />Contractor that are Unrelatedto lite Construction Contract, and 'the Balance of
<br />lire Contract Price shall not be reduced or set off on account of any such
<br />unrelated abligalinns. No right or action shall accrue on ibis tlond to any
<br />person or ellhly ,,titer Ihus file Miller or its liens.. exeelllors, adminislralors.. or
<br />xucc"Sols.
<br />it. 'lhe Surely ticrel,y waires nmtce of any change, including changes or tine,
<br />Its the C'onstrrclron Contract or to related subcontracts, pmehaae orders aril
<br />Other obligatsn,s
<br />Q. Any prucccding, legal or quitable, under Ibis Dviid may be instituted in
<br />any court of competent jurisdiction in the location in which lite work or part of
<br />the work is totaled and shall he instituted within two years ager Contractor
<br />Iaefauit or within two years ager the Contractor ceased wor8i1118 or within Iwo
<br />years aver the Surety ceruses or fails to perform its oltligations under this
<br />Bond, whrclnever occurs first. if the provisions of this Paragraph are void or
<br />prohibited by taw. Ilse nunimum period of lindialilm availablfi 10 sureties as a
<br />dcfenscin IheJurisdicrinnofthe suit shall be applicahlc.
<br />in Notice to the Surely, rhe uwnar or the Cbnttaclor shall be mailed or
<br />delivered lathe a1111ress 01Owrl on the signature rage.
<br />11. When this Dond has hien furnished to comply wills a statutory or other
<br />legal rcquheltl<nl its line location where the cnnmu action was In be pciformed,
<br />any provision In this Bond conflicting with said slatuotry or legal requirement
<br />shall he deemed detctcd licrefrortt and rroOlinns emrfouning to such staltuory
<br />or otter legal requirement shall be decreed incorporalcd herein. Vic irrtcm is
<br />Thal This Bond shall lie coossrued as a slatuury hoed antt 11411 .as a cnrnn+on law
<br />bund.
<br />12. Dcfirrisiuns.
<br />12.1,
<br />(talance of the Conlract Price: The total aum11ut payahle by tine
<br />(ht»er to the Cuntractor under the Couslmicliom C'ol,lract after all
<br />proper adlustlrlents have been inade. including allowance to the
<br />Contractor of any amounts received or to be received by the
<br />()w9ner in aellleltlenr err incuraer,. — w!lu.r C12is:C fc. to
<br />which tic Contractor is entitled, reduced by all valid and proper
<br />+:.d
<br />payments made to or oil behalf nr Idle Contractor under the
<br />Construction Contract.
<br />N
<br />12.2.
<br />Cunennclion Contract: The agrecincut between (lie Owner and
<br />the C'unhaclor idcmificd our the signature page, including all
<br />f J
<br />Conlract Documents and changes tllclelo.
<br />-�
<br />12.3.
<br />C'onlraclor Default: 1'ailuc of the Contractor, which Inas neither
<br />n
<br />Areal reotcdicd nor waived, to perform or otherwise io comply
<br />will, rhe leans of the COnSlnrelion Conlract.
<br />12.4.
<br />Owner hcfauly Failure of the Owner, which has neither been
<br />CC -
<br />reinedlcd nor waived, to pay the Coutraclor as required by the
<br />G
<br />Cutstniclion Contract or In perform and complete or comply with
<br />(Ile outer terms tltercof.
<br />WNER'S Rr-MrswrATIVE (Architect, Engineer or other parly):
<br />610-2 Iridian River Counly Engineering Dellatlntent
<br />
|