Agenda

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County Administrator's Report 17. 21.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/19/2016
Issue: Obligee’s Agreement of Release, Discharge and Assignment
From:	Jack Brown
Department:	County Administrator's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Obligee’s Agreement of Release, Discharge and Assignment - Jack R. Brown, County Administrator

That the Board take the following action regarding the Obligee’s Agreement of Release, Discharge and Assignment:

A. Approve the International Fidelity Insurance Company Obligee's Agreement of Release, Discharge and Assignment for the production equipment's maintenance that General Projection Systems, Inc., failed to honor under their Agreement, PD 11-12.045; and

B. Authorize the County Administrator to execute the Agreement.

BACKGROUND:

On October 12, 2012, the County previously entered into an Agreement (PD 11-12.045) with General Projection Systems, Inc. (GPS) in the amount of $456,129.00 for the installation and maintenance of ECTV television production equipment. The agreement provided for a three (3) year term to include the provision of equipment maintenance and replacement of defective parts for the full term of the contract through December 31, 2015. To secure the performance of the agreement, GPS provided performance and payment bonds in the full contract amount naming International Fidelity Insurance Company as surety and Florida Surety Bonds, Inc., as the resident agent.

GPS provided maintenance and repair service through July 17, 2014, and then defaulted by failing to perform for the duration of the warranty term. Thereafter, the County incurred $21,219.98 for maintenance and repair of the equipment through the remainder of the warranty term, which expired on December 31, 2015. The County filed a claim against the bond for all such costs incurred during the remainder of the warranty term, and the surety has offered payment in the full amount of $21,219.98 in exchange for the execution of this Agreement of Release, Discharge, and Assignment.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

Assistant County Attorney, Kristin Hual has reviewed and approved the Agreement.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

The Surety shall tender payment in full within five days of the effective date of the agreement. Upon receiving payment, the County Administrator’s Office shall return the original of said bonds currently filed with the Clerk to the Surety within ten days with “DISCHARGED AND RELEASED” marked upon its face.

Attachments
Obligee's Agreement of Release, Discharge and Assignment