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14. LIQUIDATED DAMAGES AND EARLY COMPLETION BONUS <br />14.1 The Owner may incur financial loss if the Work is not substantially <br />complete by the date set forth in the Agreement. The Contractor (and his <br />Surety) shall be liable for liquidated damages in accordance with the <br />Supplementary Conditions and the Agreement. <br />14.2 The Contractor will be eligible -for -an —€a-r4}� °r —Bon <br />-accordance with the Agreement; if the -condi kuLs- therainare fully- <br />15. PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND <br />15.1 With the execution and delivery of the Contract, the Bidder shall furnish <br />the following Surety bonds of the forms contained herein: <br />a. Performance Bond guaranteeing full and faithful execution of the <br />Work in an amount equal to 100 percent of the Contract Sum, and <br />including guaranteed repair and maintenance of all defects due to <br />faulty materials and workmanship that appear within one year after <br />completion of contract. <br />b. Labor and Material Payment Bond guaranteeing full and proper <br />protection of all claimants supplying labor and materials in the Work <br />in an amount equal to 100 percent of the Contract Sum. <br />15.2 Bonds shall be executed by Surety authorized to do business in the State <br />of Florida and listed on the latest U.S. Treasury Department list of <br />companies holding certificates of authority as acceptable sureties on <br />Federal Bonds. <br />' 15.3 Bonds executed by an Attorney -in -Fact on behalf of the Surety, shall have <br />affixed thereto a certified and current copy of Power of Attorney, indicating <br />the monetary limit of such power. <br />15.4 Qualifications: As to companies being rated acceptable: <br />' A Bid Bond and Performance and Payment Bond must be executed by a <br />Surety Company of recognized standing, authorized to do business in the <br />State of Florida and having been in business with a record of successful <br />continuous operation for at least (5) years. <br />In addition to the above — minimum qualifications, the Surety Company <br />' must meet the following additional qualifications. <br />1. The City will accept a surety bond from a company with a rating of <br />' B ++ or better for bonds up to $1 million, provided, however, that if <br />any Surety Company appears on the watch list that is published <br />quarterly by Intercom of the Office of the Florida Insurance <br />Commissioner, the City shall review and either accept or reject the <br />Surety Company based on the financial information available to the <br />1 05/08 Final Version 00100 -6 05 -4893 <br />