DOCUMENT

FORM - Performance & Payment Bond

  • ENTITY TYPE: Airports/Ports
  • TYPE OF DOCUMENT: FORM - Form
This document is a Performance and Payment Bond between a contractor and the Board of Authority Commissioners of Sarasota Manatee Airport Authority in Sarasota, Florida. The bond is for a project titled "Demolition/Removal and Lot Renovation" and is associated with a specific contract (Bid/Contract No.: B-050007). The bond is in the amount of a specified sum of money. The purpose of the bond is to ensure that the contractor fulfills their obligations under the contract, including performing the work as specified, making payments to all claimants supplying labor, materials, or supplies for the project, and covering any losses, damages, expenses, costs, and attorney fees incurred by the Authority due to the contractor's default. The bond remains in effect until the completion and acceptance of the work. The surety (the party providing the bond) waives notice of any changes in the contract documents and agrees that compliance or noncompliance with formalities does not affect their obligation under the bond. If the contractor is declared to be in default, the surety has the option to either remedy the default or complete the contract in accordance with its terms and conditions. If the surety chooses to complete the contract, they may obtain bids from other responsible bidders and arrange for a contract between the lowest bidder and the Authority. The surety must provide sufficient funds to cover the cost of completion, less the balance of the contract price. The bond is only enforceable by the Authority named in the document and certain claimants as provided for in the Florida Statutes. Any action under the bond must comply with the notice and time limitations prescribed by the Florida Statutes for claimants. The document is signed and sealed by the contractor and attested by the secretary of the corporation. The insurance company acting as the surety is also identified in the document.
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