Exhibit 7 Payment BondExhibit 7
Payment Bond
BC~>D N0. 1471462
00720` FORM OF PAYMENT BOND
BY THIS BOND, We BDI COSNTRUCTION COMPANY
TRAVELERS CASUALTY & SI7RETY as
Principal, hereinafter called CONTRACTOR, and COMPANY OF AMERICA 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.: ITB35 -06/07 ,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.
WITNESSES:
BDI CONSTRUCTION CO.
(CORPORATE S
IN THE PRESENCE OF:
/~
it ~ ~
r
~~ ~ ;`
~~_~
Nam~,,of Corporation)
(Signature and Title) `
Teot~ldo Rosell, Jr. , President
(Type Name/Title Signed Above)
28th day of SeptembeQO 07.
INSURANCE COMPANY
BTRAVEL~SUALTY ~, SURETY ~OMPAI~' i~F AMERICA
-'~___ _ _ -'a.
Agent and Attorney-in-Fact"Fla Res Arent
Fausto Alvarez
_ One Tower Square
(Address: Street)
Hartford, CT 06183
(City/State/Zip)
Telephone No.:
The provisions and limitations of Section 255.0
or 713.23, Florida Statutes whichever is
applicable. to the contract, are incorporated in
this bond by reference.
_,
860-277-1561
0072' CERTIFICA'T'E AS TO CORPORATE PRINCIPAL
1, Ina Rosell 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 Teobaldo Rosell, ,Jr. who
signed the Bond(s) on behalf of the Principal, was then~l~'t 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 to on behalf of said corporation by authority
of its governing body. ~ I/ ~ ,
_~'~
~.
l" ~ ~-- ~~~~~ (Seal) as Secretary of
Ina Rosell
]3DI ti~C.TION ANY
(Name of orporation)
(SEAL)
STATE OF FLORIDA )
SS
COUNTY OF MIAMI-DADE )
Before me, a Notary Public duly commissioned, qualified and acting personally, appeared
Fausto Alvarez 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 this
28th day of S~teriber 20 07
My commission expires: 11/14/10
Notary Public, State of
Florida at Large
~~,•;~„ ~~ S ROtiTI QZ
~~ ~-~fi. = l'~rrunis~ion #DD6Q651b
Bonded . { ~,~ .~-
"` ~~~ hxpires hiav 14, 2010
by Y;;~p,
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R'estem Surety, Co.
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RE: DUPLICATE ORIGINAL BOND FILINGS IN FLORIDA
Florida Statute 255.05 requires that a contractor who enters into a contract with a
PUBLIC ENTITY IN THE STATE OF Florida must provide Performance and Payment
Bonds for the project and record the bonds in the public records of the County where the
improvement is located.
When the contract is with a PRIVATE ENTITY (Florida Statute 713.23) the
responsibility of the filing the bond falls with the Owner; however, we strongly
recommend that the contractors do the filing themselves in order to be sure they are
protected.
Therefore, we are enclosing a duplicate original set of bonds, which need to be filed with
the Clerk of the Circuit Court in Miami- Dade County in accordance with Florida
Statutes 244.05 or 713.23.