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Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
When the City of Orlando makes a performance bond a condition of approving your development, the improvements cannot move forward until the bond is executed on the City's form. A surety bond satisfies that condition without locking up cash or a letter of credit for the life of the project.
The City of Orlando uses a Performance Bond form, citing Section 65.561 of the City of Orlando Code, to secure the public improvements in a land development, such as roads, streets, alleys, drainage, sidewalks and sewer systems. The developer is the principal, the City is the obligee, and the surety promises the improvements will be built to the plans and specifications on file with the City Engineer. The bond amount is set for each project, so confirm the figure and current form with the City before the bond is issued.
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The City's form states that it is a condition of the approval of the development that the bond be executed. It is not a general contractor license bond. It ties to one named development and the improvements shown in its plans and specifications on file with the City Engineer.
The form lists roads, streets, alleys, drainage facilities, sidewalks, sewer systems and other improvements, with items that do not apply struck out. The principal promises to build them to the development plans and specifications within the time those plans set, and to indemnify the City for losses, costs and damages from failing to do so.
If the principal defaults, the City gives written notice and the surety has 45 days to perform. The City may also build the improvements itself and recover its costs from the principal and surety. The bond becomes void once the improvements are completed on time and the City is made whole.
The form leaves the penal sum blank. It is set for each development, so ask City staff for the required figure before applying.
The surety must be authorized to do business in Florida and sign through an attorney-in-fact with its power of attorney attached. The principal signs through an authorized officer with an attestation if it is a corporation, two witnesses sign, and a Florida notary acknowledges the principal's signature.
Companies installing or maintaining communications facilities under City right-of-way and engineering permits use the City's Blanket Construction Bond instead. That form is for $500,000, runs for a two year term, and requires the principal to restore the right-of-way to its original condition or better.
Premium is based on the bond amount and the surety's review of the principal's credit, financial statements and construction experience. It is paid when the bond is issued.
That the principal will build the development's public improvements, such as roads, drainage, sidewalks and sewers, to the plans and specifications on file with the City Engineer, and will indemnify the City if it does not.
The City's form leaves the amount blank because it is set for each development. Get the figure from the City before applying.
After written notice from the City, the surety has 45 days to perform. The City can also complete the work and recover its costs from the principal and surety.
No. Communications work under City right-of-way and engineering permits uses the City's $500,000 Blanket Construction Bond, which runs for a two year term.
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