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top ranked firms are shortlisted, those firms that are not on the shortlist must <br />notify the City, within seven (7) business days of the shortlisting, if the firm <br />wants the original bid bond returned. If a firm wants the bid bond returned, <br />the firm must pick it up from the City. <br />1.7. ❑ PERFORMANCE AND PAYMENT BONDS/IRREVOCABLE LETTER OF CREDIT (Applicable <br />if box checked): <br />1.7.1. The amount of each payment or performance bond, if required, shall be equal <br />to 100% of the contract price. <br />1.8. INSURANCE: <br />The successful Vendor shall not commence operations; construction and/or installation <br />of improvements pursuant to the terms of this competitive solicitation and the attached <br />Contract, until certification or proof of the insurance requirements set forth within the <br />attached contract have been received and approved by the Purchasing Agent. Any <br />questions as to the intent of meaning of any part of the insurance requirements set out <br />in the attached contract should be directed to the Purchasing Agent. <br />(THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK) <br />City of Parkland RFP 2021-03 Page 7 <br />