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<br />In addition to the above minimum qualifications, the Surety Company must meet <br />the following additional qualifications. <br /> <br />a. The City will accept a surety bond from a com pany with a rating of B++ or <br />better for bonds up to $1 million, provided, however, that if any Surety <br />Company appears on the watch list that is published quarterly by <br />Intercom of the Office of the Florida Insurance Commissioner, the City <br />shall review and either accept or reject the Surety Company based on the <br />financial information available to the City. A Surety Company that is <br />rejected by the City may be substituted by the bidder with a surety <br />company acceptable to the City, only if the bid amount does not increase. <br /> <br />b. The Surety Company shall have at least the following minimum ratings: <br /> <br />Amount of Bond <br />100,000 to 1,000,000 <br />1,000,001 to 2,000,000 <br />2,000,001 to 5,000,000 <br /> <br />Policyholder's Ratina <br />B++ <br />A- <br />A <br /> <br />Financial Size Category <br />Class V or higher <br />Class VI or higher <br />Class VII or higher <br /> <br />c. Surety companies are subject to review and approval by the City and may <br />be rejected without cause. All bonds signed by an Agency must be <br />accompanied by a certificate of authority to act. <br /> <br />15.5 The Surety Company shall submit verification from the Department of Insurance <br />Office of the Treasurer stating the surety company's license and certificate of <br />authorization to do business in the State of Florida. <br /> <br />16. SUBCONTRACTOR LIST <br /> <br />16.1 No sub-contracting of any part or portion of this bid will be permitted. <br /> <br />17. BID PROTEST <br /> <br />17.1 Article 8 of Ordinance No. 2000-101 shall govern any protest made by a bidder <br />regarding the award of a contract under this invitation to bid. <br /> <br />17.2 Protest of any City recommendation for an award in response to this bid must be <br />filed with the City Clerk and mailed by the protesting party to all participants <br />involved in this bid within seven (7) days of the City's recommendation for an <br />award or the City's actual award, whichever occurs first. Such protest must be in <br />writing, must state the particular grounds upon which it is based, must include all <br />pertinent documents and evidence, and must be accompanied by a cashier's <br />check in the amount of $250 to reimburse the City for all administrative costs <br />associated with the appeal process. Any grounds not stated shall be deemed <br />waived. <br /> <br />18. CONTRACT AWARD AND EXECUTION <br /> <br />18.1 Until final award of Contract, the City reserves the right to reject any and all Bids, <br />with or without cause; to waive any informality or irregularity; or to accept the Bid <br />which is in the best interest of the City. <br /> <br />07/04 00100-6 <br /> <br />SIB <br />