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