DOCUMENT

MODL - Boilerplate Bond Language

  • ENTITY TYPE: State
  • TYPE OF DOCUMENT: MODL - Model, Templates
The document outlines the requirements for a performance bond for a successful bidder in a contract. The successful bidder is required to furnish a performance bond in the amount of 100% of the total bid/contract price within fifteen days from the date of award. The bond will be forfeited if the bidder fails to perform according to the specifications and contract outlined. The bond must be issued by a reliable surety company licensed to do business in the State of Florida and acceptable to the purchaser. The surety company must comply with certain provisions, including being admitted to do business in Florida and having a record of successful continuous operation for at least five years. The bonds must be signed by a Florida licensed resident agent with a current power of attorney from the surety company. The performance bond must cover the faithful performance of the contract, including payment to entities providing labor or materials and the successful completion of installation, operation, performance, supplies, and maintenance. In the event of a breach by the vendor, the surety or the state has the right to take control of the work site and complete and operate it, with any costs borne by the respondent or the surety. The bond must be renewed annually, and the renewal amount must equal or exceed the total price proposed for the corresponding contract or renewal year.
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