DOCUMENT

MODL - Performance Bond

  • ENTITY TYPE: County
  • TYPE OF DOCUMENT: MODL - Model, Templates
The document is a performance bond between a design/builder (referred to as the Principal) and a surety, with Orange County, Florida as the obligee (referred to as the Owner). The bond is for a project titled "DESIGN/BUILD SERVICES, Eastern Regional Water Treatment Facility Supply Wells and Storage Tank" under Contract No. Y0-800-JO. The bond states that the Principal and Surety are bound to pay a specified sum of money to the Owner if the Principal fails to fully, promptly, and faithfully perform the contract and all obligations under it. The bond also includes provisions for the Surety to remedy any defaults by the Principal, either by completing the contract or arranging for another responsible proposer or bidder to complete it. The Surety is required to provide sufficient funds for the completion of the work. The bond also mentions that any changes in the contract documents or compliance/noncompliance with formalities do not affect the Surety's obligation. Any increase in the contract amount authorized by the Owner will increase the Surety's obligation accordingly. The Principal is responsible for notifying the Surety of any changes. The bond acknowledges the Principal's obligation for liquidated damages suffered by the Owner under the contract documents. It also states that any changes, extensions of time, alterations, or additions to the contract terms or work to be performed will not affect the Surety's obligation, and the Surety waives notice of such changes. The bond includes a provision for the Principal to save the Owner harmless from any damages, expenses, and costs arising from defects in the work or materials within one year from the date of final completion of the project. The document is signed and sealed by the Design/Builder as the Principal, with a witness. It is also countersigned by the Surety's agent. The agent, who is an attorney-in-fact for the Surety, has been authorized to execute the bond on behalf of the Principal. The document is notarized, with the agent appearing before a notary public and confirming their identity.
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