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<br /> RFP 24-06-01 BANKING SERVICES 13 <br /> <br /> the City and in accordance with the criteria established in the RFP. The proposal must provide <br /> clear and concise information of the Proposer’s capability to satisfy the requirements of the RFP. <br /> If, in the opinion of the City, the awarded firm is deemed non-satisfactory to the city’s <br /> requirements and performance specifications, as described herein, the City reserves the right to <br /> terminate the contract per the termination of contract provisions. In addition, the city reserves <br /> the right in its best interest to re-award to the next approved Proposer or to review its needs <br /> to re-solicit. <br /> <br /> See section 4 of this solicitation. <br /> <br />2.6 PRICE <br /> <br />The prices proposed by the selected vendor shall remain fixed and firm during the term of the <br />contract. The awarded proposer agrees to keep this offer open for acceptance for One Hundred <br />Twenty Days (120) after the date of opening the proposals. Proposer must use Attachment A- Cost <br />Proposal. <br /> <br />2.7 FINANCIAL INSTITUTION FIDELITY BOND <br /> <br />A Financial Institution Fidelity Bond for employee dishonesty on a Blanket Basis will be required <br />upon execution of the contract by the successful firm and City of Sunny Isles Beach. The bond <br />shall be endorsed to cover “Third Party” liability including a third-party beneficiary clause in favor <br />of the City of Sunny Isles Beach. The bond shall include a minimum of twelve (12) month Discovery <br />Period when written on a Loss Sustained Basis. <br /> <br />2.8 INSURANCE <br /> <br />Upon City’s notification, the Firm shall furnish to the City Manager or his designee, Certificates of <br />Insurance that indicate that insurance coverage has been obtained, which meet the requirements <br />as outlined below: <br /> <br />2.8.1 Comprehensive General Liability Insurance <br /> <br />Firm shall be required to purchase, maintain, and keep in full force, effect, and good <br />standing, Comprehensive General Liability with primary limits of One Million Dollars <br />($1,000,000) per occurrence and Two Million Dollars ($2,000,000) aggregate during the <br />initial and any renewal term of this Agreement. Coverage must be afforded on a form no <br />more restrictive than the latest edition of the Comprehensive General Liability policy, <br />without restrictive endorsements, as filed by the Insurance Services Office, and must <br />include: <br /> <br />• Premises and Ongoing Completed Operations – on a primary and non- <br />contributory basis including waiver of subrogation on behalf of the City of Sunny <br />Isles Beach. <br />• Independent Contractors <br />• Broad Form Property Damage <br />• Broad Form Contractual Coverage applicable to this specific Contract, including