Reso 2005-830 - Laserfiche WebLink

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Oakland Park" with respect to liability arising out of operations performed by City by or for Proposer; or acts or omissions of City concerning general supervision of such operation, 10.2.3 Notice of cancellation and/or restriction Policy(s) must be endorsed to give the City thirty (30) days notice of cancellation and/or restriction. I I. PROOF OF CARRiAGE OF INSURANCE: The Proposer will furnish to Maggie Turner, Purchasing Office, Certificates of Insurance or endorsements evidencing the insurance coverage specified above within seven (7) days after notification of an award, The required Certificates of Insurance or endorsements will not only name the types of policies continued, but will also refer specifically to this contract and will state that such insurance is as required by this contract. 12. BONDS AND CERTfFICA TES: Within seven (7) days of being notified of the award, the Contractor will furnish a performance and payment guaranty consisting of either: 12, I Performance and Pavment Bond (Surety): 12, I , 1 A Performance and Payment Bond contain ing all the provisions of the Performance and Payment Bond attached. 12,1.2 The bond(s) will be for 100% of the original contract amount plus all approved change orders or amendments that increase the contract price that will guarantee to City the completion and performance of the work covered in such contracts plus full payment of all suppliers, material persons, laborers, or subcontractors employed pursuant to this project. Such bond(s) will be with a surety company that is qualified pursuant to Section 16" Qualification of Surety, 12,13 Such bond(s) will continue in effect for one year after completion and acceptance of the work with liability equal to 100% of the final contract price, or an additional bond will be conditioned that the Contractor will, upon completion by the City, correct any defective or faulty work or materials that appear within one year after completion of the contract. 12.2 Performance and Payment Guarantv: 12.2, I Instead of a performance and payment bond, Contractor may furnish an alternate form of security that may be as cash, money order, certified check, cashiers check or irrevocable letter of credit. Such alternate forms of security will be for the same purpose and will be subject to the same conditions as those applicable above and will be held by the City for one year after completion and acceptance of the work. 13, QUALIFICATION OF SURETY: 13.1 A Performance and Payment Bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five years. 13.2 For projects that do not exceed $500,000, City accepts a Performance and Payment Bond from a surety company that has twice the minimum surplus and capital required by the Florida Insurance Code at the time this ITB was issued if the surety company is othenvise meeting the provisions of the Florida Insurance Code, and if surety company holds a currently valid Certification of Authority issued by the United States Department of the Treasury under Section 9304 to 9308 of Title 3 I of the United States Code. The certificate and affidavit so certifYing should be submitted with the Performance and Payment Bond, -6 ~IR