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r � <br />40 <br />Article 7. PUBLIC CONSTRUCTION PAYMENT AND PERFORMANCE BOND: The <br />Contractor shall furnish the County immediately upon execution of this Contract a <br />Performance Bond in an amount equal to 125% of the contract price and a Payment <br />Bond in an amount equal to 100% of the contract price with good and sufficient <br />sureties, conditioned upon the performance of this Contract by the Contractor in <br />accordance with the terms and conditions hereof, within the time herein provided, and <br />with the additional obligation that such Contractor shall promptly make payments to all <br />persons supplying him labor, materials and supplies, used directly or indirectly by the <br />said Contractor in the prosecution of the work provided for in this Contract. <br />The Contractor shall record the Payment and Performance Bond with the Public Record <br />Section of the Indian River Courthouse located at 2000 16th Avenue, Vero Beach, <br />Florida, 32960. The recorded bonds will be forwarded to the Purchasing Division <br />within a week. <br />The Contractor shall provide two separate bonds, a combined Payment and Performance <br />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 form <br />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 II 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 otherwise <br />required. <br />IN WITNESS WHEREOF, the parties hereto have exe ed this agreement the day and year first <br />written above. <br />(Contractor) <br />Si and s;;Vncleof: <br />r cctor in <br />Attest GL <br />INDIAN RIVER COUNTY <br />(Owner) <br />e c\ n <br />By: GCS —X Attest lr a �+ e - <br />Caroline D. Ginn, CI irman Achrey K. Barton, C e k <br />BCC Approved: 01/30/2001 (Seal) <br />APPROVED AS TO FORM <br />AND LEGAL SUFFICIENCY <br />&-' c C ,� <br />Will Collins, Deputy County Attorney <br />–Tars an er, County Adm m s ra or <br />AGREEMENT <br />3of3 <br />Indian River County Approved Date <br />Administration <br />Budget <br />Legal 2 <br />Risk Management <br />Department ` 7 G v( <br />Division CG-- I <br />