DOCUMENT

FORM - Performance & Payment Bond

  • ENTITY TYPE: County
  • TYPE OF DOCUMENT: FORM - Form
The document is a Payment Bond, which is a type of surety bond that guarantees the payment of laborers, subcontractors, and suppliers involved in a construction project. The bond is between the contractor (referred to as the Principal) and the surety company. The document outlines the conditions under which the bond will be void or remain in effect. It states that if the contractor promptly makes payments to all claimants for labor and materials used in the project and fulfills all other obligations of the contract, then the bond will be void. However, if the contractor fails to make payments, the bond will remain in full force and effect. The bond also specifies that claimants covered by Section 713.01 of the Florida Statutes have a direct right of action against the principal and surety after providing written notice of labor or material delivery and non-payment. Claimants seeking to recover against the principal or surety must also satisfy the notice requirement and time limitations of Section 255.05 of the Florida Statutes. The document includes spaces for the contractor's signature, witness, and firm name, as well as the surety's signature and agent's information. It also includes a section for notarization, where the attorney-in-fact for the surety appears before a notary public to swear that they have been authorized to execute the payment bond on behalf of the principal. Overall, the document serves as a legal agreement between the contractor and the surety company, ensuring that payments are made to all parties involved in the construction project.
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