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<br />City of Sunny Isles Beach |Request for Proposal No. 22-04-01 13 <br /> <br />subcontractor on the list shall constitute acceptance of such subcontractor. After acceptance, no <br />subcontractor shall be changed without written approval by the Owner and Engineer. <br /> <br />2.8 FIRM BID PRICE <br /> <br />If the vendor is awarded a contract under this solicitation, the prices proposed by the vendor shall <br />remain fixed and firm during the term of the contract. <br /> <br />2.9 BID BOND <br />The City of Sunny Isles Beach shall require that every Bidder furnish a Bid Bond in the amount <br />of 10% of the total Proposal Price. A bidder shall forfeit the Security Bid Bond if the Firm refuses <br />or fails to execute the Agreement within fifteen (15) calendar days from the Notice to Proceed. <br /> <br />2.10 PERFORMANCE AND PAYMENT BOND <br /> <br />The City of Sunny Isles Beach shall require the successful Bidder to furnish a Performance Bond <br />and Payment Bond in the amount of 100% of the total Bid Price, with the City of Sunny Isles Beach <br />as the Obligee, as security for the faithful performance of the Contract and for the payment of all <br />persons performing labor or furnishing materials in connection herewith within ten (10) calendar <br />days after issuance of the Notice of Award by the City. The Performance and Payment Bond shall <br />continue in effect through the contract term. The bonds shall be with a surety company <br />authorized to do business in the State of Florida and having been in business with a record of <br />successful continuous operation for at least five (5) years. <br /> <br />The Performance Bond shall guarantee all work and materials furnished under the Contract <br />including losses resulting from defects in the materials or improper performance of Work under <br />the Contract that may appear or be discovered during performance of the Work or during any <br />applicable warranty period after completion of all Work, and for latent defects, during the time <br />periods set forth in section 95.11(3)(c), Florida Statutes. The Payment Bond shall stay in effect <br />until the time required by section 255.05, Florida Statutes, for the making of claims under such <br />Bond, or when all claimants submitting valid claims have been paid, whichever is later. <br /> <br />BONDING CAPACITY LETTER: <br /> <br />Provide documentation of bidder’s total and single project bonding capacity and the <br />name and current financial rating (A.M. Best) of the surety company utilized by your Firm <br /> <br /> <br /> <br />