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BK : 1959 PG : 1884
<br /> BXd W. OCN558287
<br /> SECTION 00612 - Payment Bond
<br /> KNOW ALL MEN BY THESE PRESENTS:
<br /> BY THIS BOND , we Lhxiercirou d utilities , Inc . as Principal , and
<br /> , a corporation, as Surety, are held and firmly bound unto the County of Indian River, Florida, in
<br /> the sum of cirri 05'1 Dollars ($ 27. :100. x, amounting to
<br /> 100% of the total bid price. For the payment of said sum we bind ourselves , our heirs,
<br /> executors, administrators and assigns, jointly and severely, for the faithful performance of a
<br /> certain written Contract, dated the day of 20 , entered
<br /> into between the Principal and the County of Indian River, for:
<br /> Project Name: MackYMW ter Assessment roie�
<br /> County Project Number. U
<br /> Project-Address: : piU6 West-of h .
<br /> Aymo
<br /> Proled Description: BsrsidantlOf Water- Di ri[butio
<br /> A copy of said Contract is incorporated herein by reference and is made a part hereof as if fully
<br /> copied herein.
<br /> NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION ARE SUCH , that, if the
<br /> Principal shall promptly make payments to all claimants, as heroin below defined, then this
<br /> obligation shall be void ; otherwise, this Bond shall remain in full force and effect, subject to the
<br /> foilowing terms and conditions:
<br /> 1 . A claimant is defined as any person supplying the Principal with labor, material or
<br /> supplies, used directly or indirectly by the Principal or any subcontractor in the
<br /> prosecution of the Work provided for in said Contract, and is further defined in
<br /> Section 713.01 of the Florida Statutes,
<br /> 2. The provisions of Section 255. 05 Florida Statute together with all notice and time
<br /> provisions contained herein shall apply,
<br /> The above named Principal and Surety hereby jointly and severally agree with the County of
<br /> Indian River that every claimant as herein defined , who has not been paid in full before the
<br /> expiration of a period of ninety (90) days after performance of the labor or after complete
<br /> delivery of materials and supplies by such claimant , may sue on this Bond for the use of such
<br /> claimant, prosecute the suit to final judgment for such sums or sums as may be justly due
<br /> claimant, and have execution thereon . The County of Indian River shall not be gable for the
<br /> payment of any costs or expenses of any such suit.
<br /> The Surety, for value received, hereby stipulates and agrees that no charge, extension of time,
<br /> alteration of or addition to the terms of the Contract or to the work to be performed thereunder C?
<br /> m
<br /> or to the Specifications applicable thereto, shall in any way affect its obligations on this Bond ,
<br /> and the Surety hereby waives notice of any such change, extension of time , akerations of or
<br /> addition to the terms of the Contract, or to the work or to the Specifications. CO
<br /> The Surety represents and warrants to the County of Indian River that it has a Best's Key p Q
<br /> Rating Guide, General Policyholder's rating of "A-VII". ziQ
<br /> The Principal and Surety jointly and severally covenant and agree that this Bond will remain in Z�
<br /> full force and effect for a period of one year commencing on the date of Substantial Completion UQ �O
<br /> 00612 - 1 00812 - Payment Soni Q V
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