|
•
<br /> EXECUTED IN COUNTERPARTS
<br /> BOND NO. SSB370224
<br /> 1 . The Contractor and the Surety, jointly and severally, bind themselves, 6. After the Owner has terminated the Contractor's right to complete
<br />the
<br /> their heirs, executors, administrators, successors and assigns to the Owner Construction Contract, and if the Surety elects to act under Subparagraph
<br /> for the performance of the Construction Contract, which is incorporated 4. 1 , 4.2, or 4.3 above, then the responsibilities of the Surety to the Owner
<br /> herein by reference. shall not be greater than those of the Contractor under the Construction
<br /> 2. If the Contractor performs the Construction Contract, the Surety and Contract, and the responsibilities of the Owner to the Surety shall
<br />not be
<br /> the Contractor shall have no obligation under this Bond, except to par- greater than those of the Owner under the Construction contract. To
<br />the
<br /> ticipate in conferences as provided in Subparagraph 3. 1 . limit of the amount of this Bond, but subject to commitment by the Owner
<br /> 3. If there is no Owner Default, the Surety's obligation under this Bond of the Balance of the Contract Price to mitigation of costs and
<br />damages
<br /> shall arise after on the Construction Contract, the Surety is obligated without duplication
<br /> 3. 1 . The Owner has notified the Contractor and the Surety at its address for>
<br /> described in Paragraph 10 below, that the Owner is considering 6. 1 The responsibilities of the Contractor for . correction of defective
<br /> declaring a Contractor Default and has requested and attempted work and completion of the Construction Contract.
<br /> to arrange a conference with the Contractor and the Surety to be 6.2 Additional legal, design professional and delay costs resulting
<br /> held not later than fifteen days after receipt of such notice to from the Contractor's Default, and resulting from the actions
<br /> or
<br /> discuss methods of performing the Construction Contract. If the failure to act of the Surety under Paragraph 4; and
<br /> Owner, the Contractor and the Surety agree, the Contractor shall 6.3 Liquidated damages, or if no liquidated damages arc specified in
<br /> be allowed a reasonable time to perform the Construction Con- the Construction Contract, actual damages caused by delayed
<br /> tract, but such an agreement shall not waive the Owner's right, if performance or non-performance of the Contractor.
<br /> any, subsequently to declare a Contractor Default: and 7. The Surety shall not be liable to the Owner or others for obligations of
<br /> 3.2. The Owner has declared a Contractor Default and formally ter- the Contractor that are unrelated to the construction Contract, and the
<br /> • minated the Contractor' s right to complete the contract. Such Balance of the Contract Price shall not be reduced or set off on
<br />account -
<br /> Contractor Default shall not be declared earlier than twenty days of any such unrelated obligations. No right of action shall accrue on
<br /> this
<br /> after the Contractor and the Surety have received notice as pro- Bond to any person or entity other than the Owner or its heirs, executors,
<br /> vided in Subparagraph 3 . 1 : and administrators, or successors.
<br /> 3 .3 . The Owner has agreed to pay the Balance of the Contract :Price 8. The Surety hereby waives notice of any change, including changes
<br /> of
<br /> to the Surety in accordance with the terms of the Construction time, to the Construction Contract or to related subcontracts, purchase
<br /> Contract or to a contractor selected to perform the Construction orders and other obligations.
<br /> Contract in accordance with the terms of the contract with the 9. Any proceeding, legal or equitable, under this Bond may be instituted
<br /> Owner. in any court of competent jurisdiction in the location in which the work
<br /> 4. When the Owner has satisfied the conditions of Paragraph 3, the Surety or part of the work is located and shall be instituted within two
<br /> years after
<br /> shall promptly and at the Surety's expense take one of the following Contractor Default or within two years after the Contractor ceased work-
<br /> actions: ing or within two years after the Surety refuses or fails to perform its
<br /> 4. 1 . Arrange for the Contractor, with consent of the Owner, to perform obligations under this Bond, whichever occurs first. If the provisions
<br /> of
<br /> and complete the Construction Contract: or this Paragraph are void or prohibited by law, the minimum period of
<br /> 4.2. Undertake to perform and complete the Construction Contract limitation available to sureties as a defense. in the jurisdiction of the
<br /> suit
<br /> itself, through its agents or through independent contractors: or shall be applicable.
<br /> 4.3. Obtain bids or negotiated proposals from qualified contractors 10. Notice to the Surety, the Owner or the Contractor shall be mailed or
<br /> acceptable to the Owner for a contract for performance and com- delivered to the address shown on the signature page.
<br /> pletion of the Construction Contract, arrange for a contract to be 11 . When this Bond has been furnished to comply with a statutory
<br /> or
<br /> prepared for execution by the Owner and the contractor selected other legal requirement in the location where the construction was
<br /> to be
<br /> with the Owner's concurrence, to be secured with performance performed, any provision in this Bond conflicting with said statutory or
<br /> and payment bonds executed by a qualified surety equivalent to legal requirement shall be deemed deleted herefrom and provisions
<br />con-
<br /> the bonds issued on the Construction Contract, and pay to the forming to such statutory or other legal requirement shall be deemed
<br /> Owner the amount of damages as described in Paragraph 6 in incorporated herein. The intent is that this Bond shall be construed
<br /> as a
<br /> excess of the Balance of the Contract Price incurred by the Owner statutory bond and not as a common law bond.
<br /> resulting from the Contractor's default: or 12. Definitions.
<br /> 4.4. Waive its right to perform and complete, arrange for completion, 12. 1 Balance of the Contract Price: The total amount payable
<br /> by the
<br /> or obtain a new contractor and with reasonable promptness under Owner to the Contractor under the Construction Contract after
<br /> the circumstances: all proper adjustments have been made, including allowance to
<br /> 1 . After investigation, determine the amount for which it may be the Contractor of any amounts received or to be received by
<br /> liable to the Owner and, as soon as practicable after the amount the Owner in settlement of insurance or other claims for dam- O
<br /> is determined, tender payment therefor to the Owner. or ages to which the Contractor is entitled, reduced by all valid �p
<br /> 2. Deny liability in whole or in part and notify the Owner citing and proper payments made to or on behalf of the Contractor
<br /> reasons therefor. under the Construction Contract.
<br /> 5. If the Surety does not proceed as provided in Paragraph 4 with reason- 12.2 Construction Contract: The agreement between the Owner
<br />and Cil
<br /> able promptness, the Surety shall be deemed to be in default on this Bond the Contractor identified on the signature page, including
<br /> all %O_
<br /> fifteen days after receipt of an additional written notice from the Owner Contract Documents and changes thereto. NO
<br /> to the Surety demanding that the Surety perform its obligations under this 12.3 Contractor Default: Failure of the Contractor, which has neither �0
<br /> Bond, and the Owner shall be entitled to enforce any remedy available to been remedied nor waived, to perform or otherwise 'to comply G'1
<br /> the Owner. If the Surety proceeds as provided in Subparagraph 4.4 and with the terms of the Construction Contract.
<br /> the Owner refuses the payment tendered or the Surety has denied liability, 12.4 Owner Default: Failure of the Owner, which has neither been
<br /> N
<br /> in whole or in part, without further notice the Owner shall be entitled to remedied nor waived, to pay the Contractor as required by
<br />the l�
<br /> enforce any remedy available to the Owner. Construction Contract or to perform and complete or comply co
<br /> the other terms thereof.
<br /> (FOR INFORMATION ONLY — Name, Address and Telephone)
<br /> • AGENT or BROKER: OWNER'S REPRESENTATIVE (Architect, Engineer or other party):
<br /> Guignard Company
<br /> 1904 Boothe Circle
<br /> Longwood, FL 32750
<br /> (407) 834.0022
<br /> 00610-2 A TRUE COPY
<br /> CERTIFICATION ON LAST PAGE
<br /> J . K. BARTON, CLERK
<br />
|