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r-, <br />s <br />r <br />i <br />May 25, 1999 <br />4 <br />Article ?, PUBLIC CONSTRUCTION PAYMENT AND PERFORMANCE BOND: The Contractor shall <br />furnish the County immediately upon execution of this Contract a Performance Bond in an <br />amount equal to 125% of the contract price and a Payment Bond in an amount equal to 100% of <br />the Contract with good and sufficient sureties, conditioned upon the performance of this Contract <br />I by the Contractor in accordance with the terms and conditions hereof, within the time herein <br />provided, and with the additional obligation that such Contractor shall promptly make payments <br />to all persons supplying him labor, materials and supplies, used directly or indirectly by the said <br />Contractor in the prosecution of the work provided for in this Contract. <br />The Contractor shall provide two separate bonds, a combined Payment and Performance Bond <br />for 125% of the contract price is not an acceptable substitute. <br />r In lieu of the Bonds, the Contractor may furnish an alternative form of security in the forme of cash, <br />money order, certified check, cashier's check, irrevocable letter of credit or a security as listed in <br />Part 11 of F.S. Chapter 625. Any such alternative form of security shall be for the same purpose, <br />and be for the same amount and subject to the same conditions as those applicable to the bond <br />At}1P.r MISP. TP.N 71fP(t <br />1 i `yuleNESS yr ri nEOF, the paries hereto have executed this agreement the day and year first written above. f, <br />INDIAN RIVER COUNTY <br />Owner) <br />By: Attest _ <br />Kenneth . Macht, Chairman Jeffrey K. Barton, Clerk <br />A-3 <br />Seal)