RIC-Man Construction - Exhibit 6 Performance Bond EXHIBIT 6
PERFORMANCE BOND
Project Manual Form of Performance Bored
Bond No. 929 513 710
00914 FORM OF PERFORMANCE BOND
BY THIS BOND, We Ric -Man Construction, Inc. as
Principal, hereinafter called CONTRACTOR, and Western Surety Company as
Surety, are bound to the City of Miami Beach, Florida, as Obligee, hereinafter called CITY,
in the amount of an initial One Million Dollars ($1,000,000) for Streetscape Utilities, for the
payment whereof CONTRACTOR and Surety bind themselves, their heirs, executors,
administrators, successors and assigns, jointly and severally.
WHEREAS, CONTRACTOR has by written agreement entered into a Contract, ITB
No.: 37 -09/10 , awarded the 27th day of October , 20 10 ,
with CITY which Contract Documents are by reference incorporated herein and made a
part hereof, and specifically include provision for liquidated damages, and other damages
identified, and for the purposes of this Bond are hereafter referred to as the "Contract";
THE CONDITION OF THIS BOND is that if CONTRACTOR:
1. Performs the Contract between CONTRACTOR and CITY for construction of Job
Order Contract ITB 37 -09/10 the Contract being made a
part of this Bond by reference, at the times and in the manner prescribed in the
Contract; and
2. Pays CITY all losses, liquidated damages, expenses, costs and attorneys fees
including appellate proceedings, that CITY sustains as a result of default by
CONTRACTOR under the Contract; and
3. Performs the guarantee of . all work and materials furnished under the
Contract for the time specified in the Contract; then THIS BOND IS VOID,
OTHERWISE IT REMAINS IN FULL FORCE AND EFFECT.
Whenever CONTRACTOR shall be, and declared by CITY to be, in default
under the Contract, CITY having performed CITY obligations thereunder, the
Surety may promptly remedy the default, or shall promptly:
3.1. Complete the Project in accordance with the terms and conditions of the
Contract Documents; or
3.2. Obtain a bid or bids for completing the Project in accordance with the terms
and conditions of the Contract Documents, and upon determination by
Surety of the lowest responsible Bidder, or, if CITY elects, upon
determination by CITY and Surety jointly of the lowest responsible Bidder,
arrange for a contract between such Bidder and CITY, and make available
as work progresses (even though there should be a default or a succession
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Project Manual Form of Performance Bond
of defaults under the Contract or Contracts of completion arranged under n
this paragraph) sufficient funds to pay the cost of completion less the
balance of the Job Order Amount; but not exceeding, including other costs
and damages for which the Surety may be liable hereunder, the amount set
forth in the first paragraph hereof. The term "balance of the Job Order
Amount," as used in this paragraph, shall mean the total amount payable by
CITY to CONTRACTOR under the Contract and any amendments thereto,
less the amount properly paid by CITY to CONTRACTOR.
No right of action shall accrue on this bond to or for the use of any person
or corporation other than CITY named herein.
The Surety hereby waives notice of and agrees that any changes in or under
the Contract Documents and compliance or noncompliance with any
formalities connected with the Contract or the changes does not affect
Surety's obligation under this Bond.
Signed and sealed this 15th day of November t 2010
WITNESSE .
(...a .A 0 Ric -Man Construction, Inc.
bon pia fo resa - ry Name of Corporation)
By
ti= (Secretary)4-r4K I,v }i - v2 i 4/I (Signature and Title)
`(C(ORPOR SEAL)
Daniel Mancini, Vice President
(Type Name/Title Signed Above)
15th d of November 2010
IN THE PRESENCE OF: INSURANCE COMPANY Western Surety Company
By CS
Agen -in -Fact , Angelo G Zervos
24724 Farmbrook Road
(Address: Street)
Southfield, MI 48034
(City /State /Zip)
Telephone No.: 248 -355 -4411, Ext.227
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Project Manual Form of Performance Boiid
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