Exhibit 7 Payment Bond Team ContractingExhibit 7
Payment Bond
00720 FORM OF PAYMENT BOND Bond No. 2708358
BY THIS BOND, We Team Contracting, Inc., as Principal, hereinafter called
CONTRACTOR, and Great American Insurance 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 VERTICAL CITYWIDE Contract 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,
Bid/Contract No.: 35-06107 awarded the day of , 20 ,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. Pays CITY all losses, liquidated damages, expenses, costs and attorneys fees
including appellate proceedings, that CITY sustains because of default by
CONTRACTOR under the Contract; and
2. Promptly makes payments to all claimants as defined by Florida Statute 255.05(1)
for all labor, materials and supplies used directly or indirectly by CONTRACTOR in
the performance of the Contract;
THEN CONTRACTOR'S OBLIGATION SHALL BE VOID; OTHERWISE, IT SHALL
REMAIN IN FULL FORCE AND EFFECT SUBJECT, HOWEVER, TO THE FOLLOWING
CONDITIONS:
2.1. A claimant, except a laborer, who is not in privity with CONTRACTOR and
who has not received payment for its labor, materials, or supplies shall,
within forty-five (45) days after beginning to furnish labor, materials, or
supplies for the prosecution of the work, furnish to CONTRACTOR a
notice that he intends to look to the bond for protection.
2.2. A claimant who is not in privity with CONTRACTOR and who has not
received payment for its labor, materials, or supplies shall, within ninety
(90) days after performance of the labor or after complete delivery of the
materials or supplies, deliver to CONTRACTOR and to the Surety, written
notice of the performance of the labor or delivery of the materials or
supplies and of the nonpayment.
2.3. No action for the labor, materials, or supplies may be instituted against
CONTRACTOR or the Surety unless the notices stated under the
preceding conditions (2.1) and (2.2) have been given.
2.4. Any action under this Bond must be instituted in accordance with the
Notice and Time Limitations provisions prescribed in Section 255.05(2),
Florida Statutes.
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 the Surety's obligation under this Bond.
Signed and sealed this
day of , 20
Team Contracting, Inc.
Name of Corporation)
By 2
(Signature an Title)
oalvl-fD ~ • f1y~ Pi'cr,'deti,~
(Type Name/Title Signe Above)
IN THE PRESENCE OF:
INSURANCE COMPANY
Great erican In rance Company
By -''
gent and Attorney-in-Fact
ichael Bonet
1060 Maitland Center Commons Blvd.
(Address: Street)
Maitland, FL 32751
(City/State/Zip)
Telephone No.:866-768-5959
WITNESSES:
00721 CERTIFICATE AS TO CORPORATE PRINCIPAL
I, J~ li o ~ • $A-I+'s~a certify that I am the
Secretary of the corporation named as Principal in the foregoing Performance and
Payment Bond (Performance Bond and Payment Bond); that l~~do /~ L• ~1r~-+, who
signed the Bond(s) on behalf of the Principal, was then l~~u~d~~f of said corporation; that I
know his/her signature; and his/her signature thereto is genuine; and that said Bond(s)
was (were) duly signed, sealed and attested ~n beh~of said corporation by authority
of its governing body.
(Seal) as Secretary of
N Cp ~r7» ~i1L.
(N a of Corporation)
STATE OF FLORIDA )
SS
COUNTY OF MIAMI-DADE )
(SEAL)
Before me, a Notary Public duly commissioned, qualified and acting personally, appeared
Michael Bonet
to me well known, who
being by me first duly sworn upon oath says that he/she has been authorized to execute
the foregoing Performance and Payment Bond (Performance Bond and Payment Bond)
on behalf of CONTRACTOR named therein in favor of CITY.
Subscribed and Sworn to before me thy~ 2nd ;day p(~tobe~rJ , 20 07
My commission expires: ~ ~
N ary Public, State of
lorida at Large
October 10, 2007
Bonded
by Western Surety Compgny
~,„.~,.,, Official Seal
:`a`~•L" '1~ CARMEN E. PILLOT
°+ *'~ Notary Public, State of Florida
,~'' ~O~ My Comm. Expires October 10, 2007
~nwp~'~, No. DD 236838
GREAT AMERICAN INSURANCE COMPANY®
Administrative Office: 580 WALNUT STREET • CINCINNATI, OHIO 45202 • 513-369-5000 • FAX 513-723-2740
The number of persons authorized by
this power of attorney is not more than ONE
No. 0 18051
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS: That the GREAT AMERICAN INSURANCE COMPANY, a corporation organized and existing
under and by virtue of the laws of the Stale of Ohio, does hereby nominate, constitute and appoint the person or persons named below its true and lawful attorney-
in-fact, for it and in its name, place and stead to execute in behalf of the said Company, as surety, any and all bonds, undertakings and contracts of suretyship, or
other written obligations in the nature thereof; provided that the liability of the said Company on any such bond, undertaking or contract of suretyship executed
under this authority shall not exceed the limit stated below.
Name Address Limit of Power
MICHAEL BONET MIAMI LAKES, FLORIDA $75,000,000
This Power of Attorney revokes all previous powers issued in behalf of the attorney(s)-in-fact named above.
IN WITNESS WHEREOF the GREAT AMERICAN INSURANCE COMPANY has caused these presents to be signed and attested by its appropriate
officers and its corporate seal hereunto affixed this 7th day of February 2007
Attest GREAT AMERICAN INSURANCE COMPANY
STATE OF OHIO, COUNTY OF HAMILTON - ss: ~avio c. KiTCHirt (eta-ail-asoz)
On this 7th day of February, 2007 ,before me personally appeared DAVID C. KITCHIN, to me known, being
duly sworn, deposes and says that he resides in Cincinnati, Ohio, that he is the Divisional Senior Vice President of the Bond Division of Great American
Insurance Company, the Company described in and which executed the above instrument; that he knows the seal of the said Company; that the seal affixed to
the said instrument is such corporate seal; that it was so affixed by authority of his office under the By-Laws of said Company, and that he signed his name
thereto by like authority.
This Power of Attorney is granted by authority of the following resolutions adopted by the Board of Directors of Great American Insurance Company
by unanimous written consent dated March 1, 1993.
RESOLVED: That the Division President, the several Division Vice Presidents and Assistant ice Presidents, or any one of them, be curd hereby i.r
authorized, :from time to time, to appoint one or more Attorneys-in-Fact to execrae on behalf cif the Company, ns surery any acrd all bonds, undertakings cued
contracts of srretyship, or other written obligations irz the nature thereof,• to prescribe their respective duties acrd the respective limits of their authority; cuzd to
revoke any such appointment at airy time.
RESOLVED FURTHER: That the Company seal acrd the signature of any of the aforesaid o~cers arzd arty Secretary or Assistmat Secretan~ of the
Company may be cif~ixed by.facsimile to any power of attorney or certificate of either given,fi~r the erecutiota of mrv bond, utrdertakurg, cotrtrnet or suretyship,
or other written obligation in the nature t/teregf, such signature and seal when so used being hereby adopted by the Compcuay as the original signature of such
officer mrd the original seal of the Company, to be valid and binding upon the Company with the same.force and effect as though manually affwred.
CERTIFICATION
I, RONALD C. HAYES, Assistant Secretary of Great American Insurance Company, do hereby certify that the foregoing Power of Attorney and the
Resolutions of the Board of Directors of March 1, 1993 have not been revoked and are now in full force and effect.
Signed and sealed this day of
sto2su (a-oa)