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SECTION 00612 Payment Band KNOW ALL MEN BY THESE PRESENTS : BY THIS BOND , we as Principal , and _, a corporation , as Surety, are held and firmly bound unto the County of Indian River, Florida , in the sum of Dollars ( $ ) , amounting to 100 % of the total bid price . For the payment of said sum we bind ourselves , our heirs , executors , administrators and assigns , jointly and severally, for the faithful performance of a certain written Contract , dated the day of , 20 , entered into between the Principal and the County of Indian River, for: Project Name : County Project Number Project Address : Project Description : A copy of said Contract is incorporated herein by reference and is made a part hereof as if fully copied herein . NOW , THEREFORE , THE CONDITIONS OF THIS OBLIGATION ARE SUCH , that , if the Principal shall promptly make payments to all claimants , as herein below defined , then this obligation shall be void ; otherwise , this Bond shall remain in full force and effect, subject to the following terms and conditions : 1 . A claimant is defined as any person supplying the Principal with labor, material or supplies , used directly or indirectly by the Principal or any subcontractor in the prosecution of the Work provided for in said Contract, and is further defined in Section 713 . 01 of the Florida Statutes , B . The provisions of Section 255 . 05 Florida Statute shall apply. The above named Principal and Surety hereby jointly and severally agree with the County of Indian River that every claimant as herein defined , who has not been paid in full before the expiration of a period of ninety (90 ) days after performance of the labor or after complete delivery of materials and supplies by such claimant , may sue on this Bond for the use of such claimant , prosecute the suit to final judgment for such sums or sums as may be justly due claimant , and have execution thereon . The County of Indian River shall not be liable for the payment of any costs or expenses of any such suit . No suit or action shall be commenced hereunder by any claimant : 1 . Unless claimant , other than one having a direct contract with the Principal , shall within forty- five (45 ) days after beginning to furnish labor, materials or supplies for the prosecution of the work , furnish the Principal and Surety with a notice that he intends to look to this Bond for protection . 2 . Unless claimant , other than one having a direct contract with the Principal , shall within ninety ( 90 ) days after such claimant's performance of the labor or complete delivery of materials or supplies , deliver to the Principal and Surety written notice of the 00612 Payment Bond 00612 - 1 FAUtllilies\UTILITY - ENGINEERING\Projects - Utility Construction Permits\IRC - Labor Contract RE-BID for 2005-2006\BID DOCUMENTS - USE ONLY FOR THIS PROJECT\BID DOCUMENTS\00612 Payment Bond .doc Rev. 05/01