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s <br />11 <br />r <br />May 25, 1999 <br />Article 7. PUBLIC CONSTRUCTION PAYMENT AND PERFORMANCE BOND: The Contractor shall <br />furnish the County inunediately 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 />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 />In lieu of the Bonds, the Contractor may furnish an alternative form of security in the form of cash, <br />money order, certified check, cashier's check, irrevocable letter of credit or a security as listed in <br />Part Il of ES. 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 />otherwise required. <br />IN WITNMSS WHEREOF, the parties hereto have executed this agreement Elie day and year first written above. <br />INDIAN RIVER COUNTY <br />(Owner) <br />Inulan Firvhr County I Aprirover! ICS:-7Tctor) <br />Admrnr,lraf�on - a � cr � <br />c_ D <br />� Eiur�ge..l t� <br />r <br />QUaI' C <br />Fii:.k Manr�uRmerrl <br />DeVaFtFoienl <br />4�rva cion A _ L <br />(Seal) <br />3 <br />By: Attest _ <br />Kennet R. Macht, Chairman Jeffrey K. Barton, Clerk <br />}1--3 <br />{Sea]) <br />