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legally obligated to pay as damages for claims arising out of the services performed by the Contractor or any person employed by the Contractor in connection with this Agreement. This insurance shall be maintained for at least one (1) year after completion of the construction and acceptance of the Services covered by this Agreement. Insurance required of the Contractor shall be primary to, and not contribute with, any insurance or self-insurance maintained by the City. Such insurance shall not diminish Contractor's indemnification and obligations hereunder. The insurance policy(ies) shall be issued by companies authorized to do business under the laws of the State of Florida and acceptable to the City with a minimum A.M. Best rating of A-Excellent. Before any work under this Agreement is performed, and at any time upon request, Contractor shall furnish to the City certificates of insurance evidencing the minimum required coverage and shall be appropriately endorsed for contractual liability, with the City named as additional insured. All policies shall contain a waiver of subrogation endorsement. All policies and certificates shall be in forms and issued by insurance companies acceptable to the City's Risk Management Department. All insurance policies and certificates of insurance shall provide that the policies may not be canceled or altered without thirty (30) days prior written notice to the City. The City reserves the right from time to time to change the insurance coverage and limits of liability required to be maintained by Contractor hereunder. Contractor shall also require and ensure that each of its sub- Contractors providing services hereunder (if any) procures and maintains, until the completion of the services, insurance of the types and to the limits specified herein. ANY EXCEPTIONS TO THE INSURANCE REQUIREMENTS IN THIS SECTION MUST BE APPROVED IN WRITING BY THE CITY. 10. Payment Bond. City shall require Contractor to furnish a Payment Bond. The Payment Bond, in the amount of Two Hundred Fifty Thousand ($250,000.00), shall be provided to City as the Obligee, as security for the payment of all persons performing labor or furnishing materials in connection herewith. Within ten (10) calendar days of being notified of the award, Contractor shall execute this Agreement and attach a Payment Bond. 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 the Request for Proposal and this Agreement. The Payment Bond shall be with a Surety company meeting the qualifications of the Request for Proposal and this Agreement. The Payment Bond shall continue in effect for one and one half years after final completion and acceptance of the work described in the Request for Proposal and this Agreement. Pursuant to the requirements of Section 255.05(1), Florida Statutes, Contractor shall ensure that the Payment Bond referenced above 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 25