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� R a. The Surety Company shall have at least the following minimum ratings: Amount of Bond Policyholder's Rating Financial Size Category 100,000 to 1,000,000 B ++ Class V or higher 1,000,001 to 2,000,000 A- Class VI or higher 2,000,001 to 5,000,000 A Class VII or higher b. All Surety Companies are subject to review and approval by the Owner and may be rejected without cause. All bonds signed by an Agency must be accompanied by a certificate of authority to act. 15.5 The Surety Company shall submit verification from the Department of Insurance Office of the Treasurer stating the surety company's license and certificate of authorization to do business in the State of Florida. SUBCONTRACTOR LIST 16.1 In conjunction with the Bid Form, Bidder shall submit a list of names of the subcontractors and major material suppliers proposed for the principal portions of the Work. Submit list on form provided by the Engineer. 16.2 Prior to award of Contract, the Owner will notify the Bidder in writing if they have an objection to any person or entity listed. Upon such reasonable objection, the Bidder shall propose an acceptable substitute person or entity in accordance with Article 6.06 of the General Conditions. BID PROTEST 17.1 In the event of a timely protest, the City Manager or his /her designee shall stay the award of the contract unless, after consulting with the City Attorney and the affected director, he /she determines that the award of the contract without delay is necessary to protect substantial interests of the Owner. 17.2 The city shall require a deposit from a protester to compensate the Owner for the expenses of administering the protest. If the protest is decided in the protester's favor, the entire deposit shall be returned to the protester. If the protest is not decided in the protester's favor, the deposit shall be forfeited to the Owner. The deposit shall be in the form of a cashier's check and shall be in the amount of 1% of the amount of the pending award, with a minimum deposit of $500 and a maximum deposit of $10,000. CONTRACT AWARD AND EXECUTION 18.1 Until final award of Contract, the Owner reserves the right to reject any and all Bids, with or without cause; to waive any informality or irregularity; or to accept the Bid which is in the best interest of the Owner. 18.2 It is the intent of the Owner to award a Contract to the lowest responsible Total Base Bidder whose Bid is in conformance with the Bidding Documents and does not exceed the funds available. 1 06/05 00100 -6 03- 4138.13