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Bond(s), in the amount of Fifty Percent (50 %) of the Contract amount may be in the form of a Surety Bond written through a local surety bond agency, rated as to Management and Strength as set forth below: Surety Bond Qualifications: The following specifications shall apply to bid, performance, payment, maintenance, and all other types of bonds. a. All bonds shall be written through surety insurers authorized to do business in the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest edition of Best's Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey: Bond Amount 500,001 to 1,500,000 1, 500,001 to 2,500,000 2,500,001 to 5,000,000 5,000,001 to 10, 000,000 Over 10,000,000 Best's Rating B V A VI A VII A VIII A IX On bond amount of 500,000 or less, the provisions of Section 287.0935, Florida Statutes (1985) shall be in effect and surety companies not otherwise qualifying with this paragraph may optionally qualify by: Providing evidence that the surety has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued, 2. Certifying that the surety is otherwise in compliance with the Florida Insurance Code, and 3. Providing a copy of the currently valid Certificate of Authority issued by the United States Department of the Treasury under ss. 31 U.S.C. 9304- 9308. b. Surety insurers shall be listed in the latest Circular 570 of the U.S. Department of the Treasury entitled "Surety Companies Acceptable on Federal Bonds ", published annually. The Bond amount shall not exceed the underwriting limitations as shown in this circular. C. The attorney -in —fact or other officer who signs a Contract Bond for a surety company must file with such bond a certified copy of his power of attorney authorizing him to do so. The surety's resident Florida Agent must countersign the Contract bond. The Contractor may in lieu of a surety bond, submit a cash bond, conditioned upon the faithful performance of the work in strict accordance with this Contract and with the Plans and Specifications and the completion of the same free from all liens and within the Plans time limit herein specified. The said Bond shall be so worded as to make the General Specifications Page 6 of 16