Senate Bill sb1986c1
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Florida Senate - 2003 CS for SB 1986
By the Committee on Governmental Oversight and Productivity;
and Senator Sebesta
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1 A bill to be entitled
2 An act relating to public construction bonds;
3 amending s. 255.05, F.S.; providing for a
4 mandatory form for public construction bonds;
5 providing an effective date.
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7 Be It Enacted by the Legislature of the State of Florida:
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9 Section 1. Subsections (3) and (6) of section 255.05,
10 Florida Statutes, are amended to read:
11 255.05 Bond of contractor constructing public
12 buildings; form; action by materialmen.--
13 (3) The bond required in subsection (1) shall may be
14 in substantially the following form, and any deviation of the
15 bond form required by the public owner or furnished by the
16 contractor shall be disregarded:
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18 PUBLIC CONSTRUCTION BOND
19 Bond No. (enter bond number)
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21 BY THIS BOND, We,...(enter name, principal business
22 address, and telephone number of contractor)..., as Principal,
23 and ...(enter name, principal business address, and telephone
24 number of surety)..., a corporation authorized to do business
25 in Florida as a surety insurer, as Surety, are bound to
26 ...(enter name, principal business address, and telephone
27 number of public owner)..., hereinafter herein called Owner,
28 in the sum of $...(enter contract amount as penal sum of
29 bond)..., for payment of which each individually named surety
30 binds itself and its we bind ourselves, our heirs, personal
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Florida Senate - 2003 CS for SB 1986
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1 representatives, successors, and assigns, jointly and
2 severally.
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4 WHEREAS, Principal has entered into a contract with
5 Owner for ...(enter description of project sufficient to
6 identify it, such as a legal description of property, the
7 street address of property, and a general description of the
8 improvement to be constructed)..., which is Owner's contract
9 No. ...(enter contract number)... belonging to ...(enter name,
10 principal business address, and telephone number of owner of
11 property if different from the contracting public entity)...,
12 and
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14 WHEREAS, the Bond is given to meet the requirements of
15 section 255.05, Florida Statutes, and the respective rights
16 and obligations of the Principal, Surety, Owner, and any
17 Claimant shall be controlled by section 255.05, Florida
18 Statutes, including specifically the notice and time
19 limitation provisions of section 255.05(2), Florida Statutes.
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21 NOW, THEREFORE, THE CONDITION OF THIS BOND is that if
22 Principal:
23 1. Performs the contract dated ...(enter date of
24 contract)..., ...., between Principal and Owner for
25 construction of ...the Project..., the contract being made a
26 part of this bond by reference, at the times and in the manner
27 prescribed in the contract; and
28 2. Promptly makes payments to all claimants, as
29 defined in Section 255.05(1), Florida Statutes, supplying
30 Principal with labor, materials, or supplies, used directly or
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Florida Senate - 2003 CS for SB 1986
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1 indirectly by Principal in the prosecution of the work
2 provided for in the contract; and
3 3. Pays Owner all losses, damages, expenses, costs,
4 and attorney's fees, including appellate proceedings, that
5 Owner sustains because of a default by Principal under the
6 contract; and
7 4. Performs the guarantee of all work and materials
8 furnished under the contract for the time specified in the
9 contract, then this bond is void; otherwise it remains in full
10 force.
11 Any changes in or under the contract documents and
12 compliance or noncompliance with any formalities connected
13 with the contract or the changes does not affect Surety's
14 obligation under this bond.
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16 DATED ON ...., ...(enter date of bond)....
17 (enter name of Principal)
18 By ...(enter name of its authorized officer)... (As
19 Attorney in Fact)
20 (enter name of Surety)
21 By ...(its authorized Attorney-in-Fact)...
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23 (6) All bonds executed pursuant to this section shall
24 make reference to this section by number and shall contain
25 reference to the notice and time limitation provisions of this
26 section.
27 Section 2. This act shall take effect upon becoming a
28 law.
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Florida Senate - 2003 CS for SB 1986
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1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 Senate Bill 1986
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4 Adds space for bond number. Amends form to contemplate
multiple sureties sharing risk.
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