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security for payment of all persons performing labor or furnishing materials in connection herewith. Within ten (10) calendar days of being notified of the award, the selected proposer shall furnish an executed agreement (in substantially the same form as the Agreement attached hereto) and attach a Payment Bond (containing all the provisions of the Payment Bond herein). The Payment Bond shall be in an amount of Five Hundred Thousand ($500,000) guaranteeing to City the full payment of all suppliers, material, laborers, or Sub-Contractors employed pursuant to the work described in this RFP. The Payment Bond shall be with a Surety company meeting the qualifications of this document and shall continue in effect for one and one half years after final completion and acceptance of the Work. Pursuant to the requirements of Section 255.05(1), Florida Statutes, the selected proposer shall ensure that the Payment Bond referenced herein shall be recorded in the public records of Miami-Dade County and provide City with evidence of such recording. The Payment Bond must be executed by a Surety company authorized to do business in the State of Florida as a 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 (5) years. The Surety company shall hold a current certificate of authority as acceptable surety on federal bonds in accordance with the United States Department of Treasury Circular 570, current Revisions. The City will accept a surety bond from a company with a rating B+ or better. Failure of the successful Proposer to execute and deliver the Agreement and deliver the required bond and Insurance Certificates as stipulated in this RFP shall be cause for the City to annul the Notice of A ward and declare the Proposal and any security therefore forfeited. 1.22 LIABILITY INSURANCE The selected proposer shall provide and maintain in force until all the work to be performed under this RFP has been completed and accepted by City (or for such duration as is otherwise specified hereinafter), the insurance coverage set forth: Worker's Compensation insurance at the statutory amount to apply for all employees in compliance with the "Workers' Compensation Law" of the State of Florida and all applicable federal laws. In addition, the policy (ies) must include: Employers' Liability at the statutory coverage amount. The Contractor shall further insure that all of its Sub-Contractors maintain appropriate levels of worker's compensation insurance. Comprehensive General Liability with minimum limits of Five Million Dollars ($5,000,000) per occurrence combined single limit for Bodily Injury Liability and Property Damage Liability. Coverage must be afforded on a form no more restrictive than the latest edition of the Comprehensive General Liability policy, without restrictive endorsements, as filed by the Insurance Services Office, and must include: Premises and Operation Independent Contractors Products and/or Completed Operations Hazard 15