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<br />City of Sunny Isles Beach |Request for Proposal No. 22-09-01 17 <br /> <br /> At the time of Proposal submission, the Proposer will file and make sure that all certificates of <br />insurance required by this document and by the Contract are in the City’s possession. These <br />certificates shall contain a provision that the coverage afforded under the policies will not be <br />canceled or materially changed until at least thirty (30) days prior written notice has been given to <br />the City by certified mail. The City shall be named as an additional insured on the above-referenced <br />policies. <br /> <br /> The Proposer agrees that if any part of the Work under the Contract is sublet, they will require the <br />Sub-Contractor(s) to carry insurance as required, and they will require the Sub-Contractor(s) to <br />furnish to them insurance certificates similar to those required by the City in this section. <br /> <br /> 2.11.1 CANCELLATION AND RE-INSURANCE <br /> <br />If any insurance should be canceled or changed by the insurance company or should any insurance <br />expire during the period of this contract, the Proposer shall be responsible for securing other <br />acceptable insurance to provide the coverage specified in this section to maintain coverage during <br />the life of this Contract. All deductibles must be declared by the Proposer and must be approved <br />by the City. At the option of the City, either the Proposer shall eliminate or reduce such deductible <br />or the Proposer shall procure a Bond, in a form satisfactory to the City, covering the same. New <br />certificates of insurance shall be provided to the City within 5 (five) business days of effective date <br />of such coverage. <br /> <br />The insurance requirements are subject to negotiations, contingent on the nature of the proposed <br />restaurant. <br /> <br />2.12.1 PAYMENT AND PERFORMANCE BOND <br /> <br />Prior to commencement of construction of the Tenant Improvements to the Leased Premises <br />contemplated by the Final Plans (as defined in Section 2.21 herein), Tenant shall provide <br />satisfactory proof that it has secured a statutory payment and performance bond pursuant to <br />Florida Statute Chapter 713 and Florida Statute Chapter 255 (for itself or from its respective <br />contractor(s)) for construction of the Tenant Improvements and infrastructure improvements <br />related thereto, if applicable, written by a corporate surety company on the U.S. Department of <br />Treasury’s current approved list of acceptable sureties on Federal Bonds, as found in the U.S. <br />Department of Treasury Circular No. 570, as same may be updated from time to time in the full <br />amount of any contract entered into by Tenant with said bonds being executed and issued by a <br />resident agent licensed by and having offices in the State of Florida representing such corporate <br />surety at the time such improvements are constructed, conditioned upon full and faithful <br />performance by Tenant or any contractor, if applicable, of such contract, and full payment to all <br />laborers and materialmen supplying labor or materials for such improvements. Such bonds shall <br />identify Landlord as an additional or dual obligee. If the bonds are provided by the contractor, the <br />bond shall provide that a default by Tenant in the performance of the contractor’s contract, shall