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<br /> <br />16 <br />ITB 24-07-01 INTRACOASTAL SPORTS PARK <br /> <br />CITY OF SUNNY ISLES BEACH <br />18070 Collins Ave. | Sunny Isles Beach, FL 33160 <br />305.792.1707 | sibfl.net | Purchasing@sibfl.net <br /> <br /> 2.11.5. Cancellation and Re-Insurance <br />It shall be the responsibility of the bidder and insurer to notify the City Manager of the City <br />of Sunny Isles Beach of cancellation, lapse, or material modification of any insurance policies <br />insuring the Proposers, which relate to the activities of such vendor and the City of Sunny <br />Isles Beach. Such notification shall be in writing, and shall be submitted to the City finance <br />support service director thirty (30) days prior to cancellation of such policies. This <br />requirement shall be reflected on the certificate of insurance. Failure to fully and <br />satisfactorily comply with the city's insurance and bonding requirements set forth herein will <br />authorize the City Manager to implement a rescission of the Bid award without further City <br />Commission action. <br /> <br />NOTE: THE CITY OF SUNNY ISLES BEACH, CONTRACT NUMBER AND TITLE MUST APPEAR ON <br />EACH CERTIFICATE OF INSURANCE. THE CITY OF SUNNY ISLES BEACH MUST BE SHOWN AS AN <br />ADDITIONAL INSURED WITH RESPECT TO THIS COVERAGE. <br /> <br />2.12 PROGRESS PAYMENTS <br /> <br />Progress payments shall be considered based upon the Contractor’s Applications for Payment <br />submitted to the Project Manager and upon Certificates for Payment subsequently issued to the <br />Owner by the Project Manager. The Owner shall make progress payments to the Contractor on <br />account of the Contract Price subject to the terms and conditions in the resultant Agreement. <br /> <br />Each invoice or payment application must be accompanied by all supporting documentation and <br />other information reasonably requested by City, including, but not limited to a Partial Release of <br />Lien or Final Release of Lien as appropriate in the forms set forth in Chapter 713.20, Florida <br />Statutes. Reference herein to Chapter 713, Florida Statutes is for convenience, and shall not be <br />construed as a waiver of sovereign immunity or authority for imposition of liens against public <br />property. Each progress payment shall be reduced by five percent (5%) retainage. Subject to other <br />requirements of the Contract Documents, retainage shall be released after final completion of the <br />Work and City’s receipt of acceptable reports and other documentation including certification of <br />payment to subcontractors, if any, and a Final Release of Lien in the form set forth in Section <br />713.20, Florida Statutes. <br /> <br />Contractor is advised that processing of invoices must follow this schedule, as the City has funding <br />requirements and other payment obligations which may prevent payment of late Statement of <br />Services for that month’s billing cycle. <br /> <br />2.13 DIRECT PURCHASE <br /> <br /> The City/Owner may, in its discretion, decide to directly purchase specific equipment or materials <br /> included in the Contractor’s bid in order to achieve sales tax savings. A change order will be issued <br /> to reduce the contract price for the direct purchase(s). Contractor will approve the material <br /> quantities and prices for the Purchase Order issued. Materials will be shipped as directed by the <br /> Contractor. Contractor will be responsible for storing and protection all direct purchase items.