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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 Two Hundred Fifty Thousand ($250,000) 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 described in this RFP. 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 Award and declare the Proposal and any security therefore forfeited. 1.11 INSTRUCTIONS Careful attention must be given to all requested items contained in this RFP. Proposers are invited to submit Proposals in accordance with the requirements of this RFP. PLEASE READ THE ENTIRE SOLICIT A TION BEFORE SUBMITTING A PROPOSAL. Proposers shall make the necessary entry in all blanks provided for the responses. The entire set of documents, together with all attachments hereto, constitutes the RFP. Each Proposer must return these documents with all information necessary for the City to properly analyze the response in total and in the same order in which it was issued. Proposer's notes, exceptions, and comments may be rendered on an attachment, provided the same format of this RFP text is followed. All responses to this RFP shall be returned in a sealed envelope or package with the RFP number and opening date clearly noted on the outside of the envelope. Proposers must provide a response to each requirement of the RFP. Responses should be prepared in a concise manner with an emphasis on completeness and clarity. 1.12 CHANGES/ALTERATIONS Proposers may change or withdraw a response at anytime prior to the submission deadline; however, no oral modifications will be allowed. Written modifications shall not be allowed following the submission deadline. 8