PERFORMANCE BONDS AND PAYMENT BONDS Clause Samples

PERFORMANCE BONDS AND PAYMENT BONDS. When the contract amount exceeds $100,000, a Payment Bond issued in a sum equal to one hundred (100%) percent of the total awarded Contract amount for a twelve (12) month term by a Surety company considered satisfactory by the County according to the criteria herein will be required from the successful Bidder for purposes of insuring the faithful performance of the obligations imposed by the resulting Contract and for purposes of protecting the County from lawsuits for non-payment of debts as might be incurred during the successful Bidder's performance under such Contract. The Payment Bond form will be included in the Contract Documents and said forms must be properly executed by the Surety company and successful Bidder within ten (10) days after receipt of notification from the County of its award of the Contract.

PERFORMANCE BONDS AND PAYMENT BONDS. The Parties agree that the Improvements to the Public Park Parcel contemplated by the Plans and Specifications are public buildings or public works as contemplated under Section 255.05, Florida Statutes. Prior to the Commencement of Construction of the Improvements on the Public Park Parcel, MFP shall (or cause its prime contractor(s) to) record in the public records of Miami-Dade County, Florida, a payment and performance bond equal to the total cost of construction of the Improvements, or the applicable portion thereof for each prime contractor, as reflected in the construction contract between MFP and such prime contractor (the “Payment and Performance Bond”). Each Payment and Performance Bond shall be in compliance with Applicable Laws, including the applicable provisions of Section 255.05, Florida Statutes, and shall be issued through a surety authorized to do business in the State of Florida. In the event that MFP satisfies the requirements for a Payment and Performance Bond through its prime contractor(s), then the Payment and Performance Bond shall name MFP and the City as dual obligees. MFP shall have the right, from time to time, to substitute or replace, or cause its prime contractor to substitute or replace, such Payment and Performance Bonds as deemed necessary by MFP for any portion of the work. Alternatively, MFP may satisfy the requirements to provide a Payment and Performance Bond by providing the City with an alternate form of security in the form of a certified check that the City may deposit in a City-controlled bank account or an irrevocable letter of credit in a form and for an amount that is acceptable to Landlord (“Alternative Security”), to remain in place until evidence reasonably satisfactory to the City is submitted to demonstrate all contractors performing work related to the Improvements (or, as applicable, any portion thereof) have been paid and the Improvements (or, as applicable, any portion thereof) has reached Completion of Construction.‌ The Alternative Security shall comply with the requirements of Section 255.05(7), Florida Statutes.

PERFORMANCE BONDS AND PAYMENT BONDS. When the contract amount exceeds $100,000, a Performance Bond and a Payment Bond issued in a sum equal to two hundred and fifty thousand dollars ($250,000) for a twelve month term by a Surety company considered satisfactory by the County will be required from the successful Respondent for purposes of insuring the faithful performance of the obligations imposed by the resulting Contract and for purposes of protecting the County from lawsuits for non payment of debts as might be incurred during the successful Respondent’s performance under such Contract. The Performance Bond and the Payment Bond forms will be included in the Contract Documents and said forms must be properly executed by the Surety company and successful Respondent within ten (10) days after receipt of notification from the County of its award of the Contract. Within (10) ten days after the exercise of an option period, the Contractor shall provide Consent of Surety to renewal of the option period at the option period prices accompanied by a power of attorney.. The Contractor may be required to record the payment and performance bonds in Orange County public records as prescribed by Florida Statutes, Chapter 255.05. If applicable, before commencing the work the Contractor shall provide to the Manager of the Procurement Division a certified copy of the recorded bonds, no payment will be made to the contractor until the contractor has provided a copy of the recorded bonds.