PUBLIC CONSTRUCTION BOND Sample Clauses
A Public Construction Bond clause requires contractors working on public projects to provide a surety bond guaranteeing the completion of the work and payment to subcontractors and suppliers. This clause typically mandates that the contractor obtain a bond from a licensed surety company before starting the project, ensuring that if the contractor defaults, the surety will cover the costs to complete the project or pay outstanding claims. Its core function is to protect public entities and taxpayers from financial loss due to contractor non-performance or non-payment, thereby ensuring the project is completed as agreed and all parties are compensated.
PUBLIC CONSTRUCTION BOND. It is anticipated that work awarded under this Agreement may require a public construction bond under section 255.05, Florida Statutes. Due to the likelihood of services having to be performed on an emergency basis, the CONTRACTOR must provide the CITY with a public construction bond in amount of $200,000 at the beginning of the hurricane season (no later than June 1 of each year) which is in accordance with section 255.05, Florida Statutes. Said bond shall remain in place until December 1 of each year. The bond must be recorded in the Official Records in and for Palm Beach County and a copy of the recorded bond must be provided to the CITY prior to the CONTRACTOR providing any services under this Agreement. If the CITY approves a Purchase Order or a work order which exceeds $200,000 in total construction cost, the CONTRACTOR must provide the CITY with an amendment to the bond which covers the amount in excess of $200,000. Said bond amendment must be recorded in the Official Records in and for Palm Beach County and a copy of the recorded bond amendment must be provided to the CITY prior to the CONTRACTOR providing any services under the Purchase Order or work order. The CITY reserves the right to request a separate public construction bond for any Purchase Order or work order which is less than $200,000. The cost of the public construction bond(s) as required under this section shall be a direct pass through cost to the CITY without any ▇▇▇▇-up by the CONTRACTOR. The public construction bond shall be on forms attached hereto as Exhibit “E” or substantially similar as approved by the CITY and shall incorporate by reference the terms of this Agreement in its entirety. To be acceptable to the CITY, a Surety Company shall comply with the following provisions: The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Department of Insurance, authorizing it to write surety bonds in the State of Florida.
(a) The Surety Company shall have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code.
(b) The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code.
(c) The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the CONTRACTOR submits its proposed work order for CITY approval.
(d) The Surety Company shal...
PUBLIC CONSTRUCTION BOND. If the City approves a work order which exceeds $200,000 in total construction cost, the Contractor must provide the City with a public construction bond in accordance with section 255.05, Florida Statutes. Said bond must be recorded in the Official Records in and for Palm Beach County and a copy of the recorded bond must be provided to the City prior to the Contractor providing any services under the work order. The City reserves the right to request a bond for any work order which is less than $200,000. The cost of the bond shall be a direct pass through cost to the City without any mark-up by the Contractor. The public construction bond shall be on forms attached hereto as Exhibit “C” or substantially similar as approved by the City. The bond shall be in an amount not less than the total Work Order price and shall incorporate by reference the terms of the Contract Documents in their entirety. The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Department of Insurance, authorizing it to write surety bonds in the State of Florida.
(a) The Surety Company shall have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code.
(b) The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code.
(c) The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the Contractor submits its Work Order for City approval.
(d) The Surety Company shall have at least the ratings of A-/Class V in the latest issue of Best’s Key Rating Guide.
(e) The Surety Company shall not expose itself to any loss on any one risk in an amount exceeding ten
PUBLIC CONSTRUCTION BOND. A Public Construction Bond is not required for this Work Order and shall be recorded in official records in and for Palm Beach County (with a certified copy provided to the City) prior to any services being provided under this Work Order.
PUBLIC CONSTRUCTION BOND. As required by section 255.05, Florida Statutes, Contractor shall furnish a certified and recorded Public Construction Bond in the amount of <Enter Contract Value Here> as security for the faithful performance of the work as required and set forth in the Contract Documents within the time set forth for performance under this Agreement and for prompt payments to all persons defined in section 713.01, Florida Statutes, who furnish labor, services, or materials for the completion of the work provided for herein.
PUBLIC CONSTRUCTION BOND. The Design-Builder shall provide to the Owner a public construction bond. The public construction bond to be furnished by the Design-Builder shall be in an amount not less than the Contract Sum established for the Project. The public construction bond shall be issued by a surety company possessing the following minimum ratings in the latest issue of A.M. Best TK Rating Guide in a form of bond identical with that attached hereto as Schedule “F”. The public construction bond required hereunder shall be furnished by the Design-Builder upon the execution this Agreement establishing a Contract Sum.
PUBLIC CONSTRUCTION BOND. The CONTRACTOR, within the time established in the Notice to Proceed, furnish to the AUTHORITY an executed Public Construction Bond in the amount of one hundred percent (100%) of the individual project amount when that amount exceeds $200,000. Such surety bond shall be in the form included herewith, conditioned on the faithful performance of the Contract and on the payment of all persons supplying labor and furnishing materials for the Work as required by the applicable laws. The Bond shall be maintained in full force for a period of one year after date of final completion and acceptance, as a guarantee that the CONTRACTOR will make good any faults or defects in the work arising from improper or defective workmanship or materials which may appear during the period. The surety company acting as surety must appear and remain on the Treasury Department's most current list (Circular 570 as amended) during construction, guarantee and warranty periods, shall be licensed to act as surety in the State of Florida, shall be issued by a surety company fulfilling the provisions of Florida Statute 287.0935, and shall be subject to the AUTHORITY's approval. Should the surety company become insolvent during the term of the contract or during the warranty and guarantee period, CONTRACTOR shall provide an alternate bond, acceptable to the AUTHORITY, within 15 working days from the date CONTRACTOR is notified of said insolvency, by any party. THE CONTRACTOR, having familiarized themselves with the specifications in the Request for Qualifications, regulations and other factors affecting performance of the work, and having satisfied themselves of the expense and difficulties attended in the performance of a contract. HEREBY AGREES, in this RFQ NO. 14-249/PF, that the CONTRACTOR hereby accepts all terms and conditions as stated herein, and shall enter into a Contract to perform for the following rates.
PUBLIC CONSTRUCTION BOND. 14.3.1 The Contractor shall furnish a Public Construction Bond to the City in an amount not less than one hundred percent (100%) of the Contract Price. The bond furnished by the Contractor shall incorporate by reference the terms of the Contract as fully as though they were set forth verbatim in such bonds. In the event the Price is adjusted by Change Order executed by the Contractor, the penal sum of the bond shall be deemed increased by like amount. The bond furnished by the Contractor shall be in form required by the City and in conformity with Section 255.05, Florida Statutes, shall be recorded in the Public Records of Miami-Dade County before construction commences, and shall be executed by a surety, or sureties, reasonably suitable to the City.
PUBLIC CONSTRUCTION BOND. COMPANY shall, prior to the commencement of any Work under this Contract, provide CITY with a public construction and performance bond to be attached to this Contract as Exhibit I (Performance Bond/Construction Bond), in the amount of the total compensation to be paid to COMPANY as shown in Schedule D (Compensation to COMPANY) and Schedule O (Final Project Cost & Final Project Cash Flow Analysis). Moreover, COMPANY agrees that the following language shall be expressly included within the language of its bond(s): “The Surety expressly agrees to be bound by all terms and conditions related to delay and time or impact-related damages. Surety shall be bound by the warranty or warranties contained in the contract documents and shall be responsible for any and all warranty obligations or damages as a result of latent defects or deficiencies in the work performed under the contract. The Surety waives all rights against CITY and its agents and employees for damages or other causes of loss by the Surety’s performance of its obligations under this Bond, including claims by Surety against CITY for costs it asserts were not warranted by the contract documents, excluding only such rights as the Surety shall have to proceeds of such insurance held by CITY as fiduciary.” Notwithstanding any provisions to the contrary, the public construction bond shall not extend to or provide coverage for the Energy Savings Guarantee or any other energy savings guarantees.
PUBLIC CONSTRUCTION BOND. If the total cost of this Work Order is anticipated to exceed $200,000, the Contractor shall provide a public construction bond for the total cost, which bond shall be in a standard City format and issued by a company authorized to do business in the State of Florida. The bond must be recorded in the official records in and for Palm Beach County, Florida, and a copy of the recorded bond provided to the City prior to any work commencing.