City of Palm Bay Agreement Completion Agreement with Surety 2026-05-27
Palm Bay Secures Completion Agreement with Surety
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Description
The City of Palm Bay and Continental Casualty Company entered into a completion agreement granting the City the right to complete the project, retain $828,522.64 in project funds, and secure continued surety coverage for latent defects.
Contract Details
Contract Amount
Surety agreement involving $828,522.64 retainage (retained by City)
Vendor
CONTINENTAL CASUALTY COMPANY
Agency
City of Palm Bay, FL
Contract Type
CONSTRUCTION
Document Date
May 27, 2026
Renewal Info
Performance bond remains in place for latent defects; Surety to perform repairs within 7 days of notice of defect. City waives further liquidated damage claims against Surety.
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