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material man, laborers, or Sub-Contractors employed pursuant to this Project. Each Bond shall be with a Surety company meeting the qualifications of this document. Each Bond shall continue in effect for one and one half years after final completion and acceptance of the Work with the liability equal to one hundred percent (100%) of the Contract Sum. The Performance Bond shall be conditioned such that Contractor will, upon notification by City, correct any defective or faulty Work or materials which appear within one and one half years after final completion of the Contract. Pursuant to the requirements of Section 255.05(1), Florida Statutes, Contractor shall ensure that the Bond(s) referenced above shall be recorded in the public records of Miami-Dade County and provide City with evidence of such recording. 5.4.1. Each 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. 5.4.2. 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. 5.4.3. The City will accept a surety bond from a company with a rating B+ or better. 5.4.4. Failure of the successful Bidder to execute and deliver the Agreement and deliver the required bonds and Insurance Certificates as stipulated in paragraph 5.3 shall be cause for the City to annul the Notice of Award and declare the Bid and any security therefore forfeited. 5.5. Contractor's Pre-Start Representation: Contractor represents that they have familiarized themselves with, and assumes full responsibility for having familiarized themselves with the nature and extent of the Contract Documents, Work, locality, and with all local conditions and federal, State and local laws, ordinances, rules and regulations that may in any manner affect performance of the Work, and represents that they have correlated their study and observations with the requirements of the Contract Documents. Contractor also represents that they have studied all surveys and investigations reports of subsurface and latent physical conditions referred to in the specifications and made such additional surveys and investigations as they deem necessary for the performance of the Work in the Contract Documents and that they have correlated the results of all such data with the requirements of the Contract Documents. 5.6. Commencement of Contract Time: The Contract Time will commence to run on the date stated in the Notice to Proceed. 5.7. Starting the Project: Contractor shall start to perform their obligations under the Contract Documents on the date when the Contract Time commences to run. No Work shall be done at the site prior to the date on which the Contract Time commences to run, except with the written consent of the City. 5.8. Before Starting Construction Before undertaking each part of the Work, Contractor shall carefully study and compare the Contract Documents and check and verify pertinent figures shown thereon and all applicable field measurements. They shall at once report in writing to Consultant any conflict, error, or discrepancy which they may discover; however, they shall not be liable to City for their failure to discover any conflict, error, or discrepancy in the Drawings or Specifications. 5.9. Pre-Construction Conference: Within five (5) days after delivery of the executed Agreement by City to Contractor, but before starting the Work at the site, a Pre-Construction conference will be held to review the above schedules, and for processing Statement of Services, and to establish a working understanding between the parties as to the Project. Present at the conference will be the City representative, the Consultant and the Contractor. PAGE 14 OF 130 BID No. 08-10-01