2003-118A.1 - Laserfiche WebLink

Home Browse Search

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, as defined in Florida Statutes Section 255 . 05 ( 1 ) , supplying Principal ' with labor, materials , or supplies , used directlyor indirectly by Principal in the prosecution of the Work provided for in the Contract. 2 , Florida Statutes Section 255 . 05 (2002 ) , as amended tom time to time , together with all notice and time provisions contained therein , is incorporated herein in its entirety by this reference . ' The Surety, for value received , hereby stipulates and agrees that no change , extension of time , increase in Contract price , alteration of or addition to the terms of the Contract or to the Work to be performed thereunder or to the Drawings or Specifications applicable thereto , shall in any way affect ' its obligations on this Bond , and the Surety hereby waives notice of any such change , extension of time , alterations of or addition to the terms of the Contract, or to the Work or to the Specifications or to the Drawings . ' The Surety represents and warrants to the County of Indian River that it has a Best's Key Rating Guide , General Policyholder's rating of "A" and Financial Size Category of Class 'X . ' The Principal and Surety jointly and severally covenant and agree that this Bond will remain in full force and effect for a period of one year commencing on the date of Final Completion as established on the Certificate of Final Completion as issued by the County of Indian River. ' The Principal and Surety jointly and severally, agree to pay the County of Indian River all losses , damages , expenses , costs , and attorney's fees , including appellate proceedings , that the County of ' Indian River sustains because of a default by the Principal under the Contract. IN WITNESS WHEREOF , the above bound parties executed this instrument under their several seals , this day of , 20_, the name and corporate seal of each ' corporate party being hereto affixed and these presents duly signed by its undersigned representative , pursuant to authority of its governing body. ' [The remainder of this page was left blank intentionally] ' 4/09/03 PAYMENT BOND — ADDENDUM # 1 00612-2 R Public Works\KeithM\Stormmter Projects\afford East\Construction Contract\Bidding & Contract Documents\Bidding & Contract Documents\00612 - Payment Bond - ADDENDUM #1 . doc