1999-177B - Laserfiche WebLink

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22. PERFORMANCE AND PAYMENT BQNDS (SURETn: Within twenty (20) days of receipt of tate Contract Documents for execution, the successful bidder shall furnish a Performance Bond in an amount equal to 125% of the contract price and a Payment Bond in an amount equal to 100°,/0 of the contact price as specified herein, of the form and containing all of the provisions as stated herein. The Contracigr must record the Performance and Payment Bonds with the Clerk oFCoun Indian -River County, The Contractor shall provide two separate bonds, a combined Payment and Performance Bond for 125% of the contract price is not an acceptable substitute. The Contractor is required at all times to have a valid Performance and Payment Bond in force covering the work being performed. A failure to have such bond in force at any time shall cons-titute a default on the part of the contractor. If the surety writing the Public Construction Bond becomes disqualified, then this shall automatically constitute a failure on the part of the {Contractor to meet the above requirements. The performance bond shall contain a specific provision that delay damages are covered by the performance bond. In lice of the Bonds, the Contractor may furnish an alternative form of security in the forth of cash, money order, certified check, cashier's check, irrevocable letter of credit or a security as listed in Par' 11 of F.S. Chapter 625. Any such alternative form of security shall be for the same purpose, and be for the same amount and subject to tate same conditions as those applicable to the bond otherwise required. The determination of the value of an alternative form of security shall be made by the owner. Such Bonds shall continue in effect for one (1) year after completion and acceptance of the work. 23. OWNER'S RIGHT TO THRMNATE CQNTRACT: A. If, in the opinion of the Owner, the Contractor shall be improperly performing said work, or shall neglect or refuse to remove and/or re -build such work as shall have been rejected by the Engineer as being defective or unsuitable, or if at any time the Owner shall be of the opinion that the said work is being unnecessarily delayed and will not be finished within the prescribed time, they shall notify the Contractor in writing, and if the Contractor shall not within ten (10) calendar days thereafter, take such measures as will, in thejudgement of the Owner, insure satisfactory performance, construction, and completion of the work, the Owner may notify the Contractor to discontinue all work under this Contract. The Contractor shall immediately respect said notice and stop said work and cease to have any rights in the possession of the ground and shall forfeit his Contract. The Owner may thereupon advertise and let a contract for the uncompleted work in the same manner as was followed in the letting of this Contract and charge the cost thereof to the original. Contractor upon his Contract, any excess of cost arising therefrom over and above the original Contract price shall l,, charged against the original Contractor and his surety or sureties who shall be liable therefore. GC -9