Reso 2022-3340 - Laserfiche WebLink

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100% of the contract price. 4.5.2. Failure of the successful Proposer to execute a Contract, file any required Performance and Payment Bonds, and furnish evidence of appropriate insurance coverage's (including evidence of workers compensation coverage if required by this RFP within seven (7) business days after written notice of award has been given, shall be just cause for the annulment of the award and the forfeiture of the bid bond to the City, which forfeiture shall be considered, not as a penalty, but as liquidation of damages sustained. 4.5.3. Within seven (7) business days after the Contract Award or prior to commencement of any work, whichever is sooner, the Successful Proposer shall execute and furnish to City a performance bond and a payment bond, each written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The surety shall hold a current certificate of authority from the Secretary of Treasury of the United States as an acceptable surety on federal bonds in accordance with United States Department of Treasury Circular No. 570. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify, the net retention of the surety company shall not exceed the underwriting limitation in the circular and the excess risks must be protected by coinsurance, reinsurance, or other methods, in accordance with Treasury Circular 297, revised September 1, 1978 (31 DFR, Section 223.10, Section 223.11). Further, the surety company shall provide City with evidence satisfactory to City, that such excess risk has been protected in an acceptable manner. The surety company shall have at least the following minimum qualifications in accordance with the latest edition of A.M. Best's Insurance Guide, published by Alfred M. Best Company, Inc., Ambest Road, Oldwick, New Jersey 08858: Financial Stability - A Financial Size - Vlll 4.5.4. Two (2) separate bonds are required and both must be approved by the City. The penal sum stated in each bond shall be the amount equal to the total amount payable under the terms of the contract. The performance bond shall be conditioned that the Successful Proposer perform the contract in the time and manner prescribed in the contract. The payment bond shall be conditioned that the Successful Proposer promptly make payments to all persons who supply the Successful Proposer with labor, materials and supplies used directly or indirectly by the Successful Proposer in the prosecution of the work provided for in the contract and shall provide that the surety shall pay the same in the amount not exceeding the sum provided in such bonds, together with interest at the maximum rate allowed by law; and that they shall indemnify and save harmless the City to the extent of any and all payments in connection with the carrying out of said contract which the City may be required to make under the law. The bond shall insure payment of laborers, material suppliers, and subcontractors and the timely completion of the project and be in a form acceptable to the City. City of Parkland RFP 2021-03 Page 24