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one hundred percent (100%) of the Contract Sum less two hundred percent (200%) of the value of any incomplete Work and unsettled claims, as determined by the City's Representative. 7.8 Final Completion and Final Payment 7.8.1 The final approval for payment will not be issued by the City's Representative until all warranties and guarantees have been received and accepted by the City. 7.8.2 The City will request the Contractor to submit the application for final payment along with a manually signed notarized letter on the Contractor's letterhead certifying that: · Labor costs, prevailing wage rates, fringe benefits and material costs have been paid. · Subcontractors of any tier and manufacturers furnishing materials and labor for the project have fully completed their Work and have been paid in full. · The project has been fully completed in accordance with the Contract Documents as modified by Change Orders. · The acceptance by Contractor of its Final Payment, by check or electronic transfer, shall be and operate as a release of all claims of Contractor against City for all things done or furnished or relating to the Work and for every act or alleged neglect of City arising out of the Work. 7.8.3 No payment under this Contract, including but not limited to final payment, shall constitute acceptance by City of any Work or act not in accordance with the requirements of the Contract Documents. PROVISION 8 BONDS 8.1 Bonds: Bid Bonds, when required, shall be submitted with the Bid in the amount specified in Special Conditions. After acceptance of Bid, the City will notify the successful bidder to submit a performance bond and certificate of insurance in the amount specified herein. 8.1.1 The Contractor shall procure and furnish a Performance Bond and a Payment Bond in the form prepared by the City, each in an amount equal to one hundred percent (100%) of the Contract Sum, as well as adjustments to the Contract Sum. The Performance Bond shall secure and guarantee Contractor's faithful performance of this Contract, including but not limited to Contractor's obligation to correct defects after final payment has been made as required by the Contract Documents. The Payment Bond shall secure and guarantee payment of all persons performing labor on the Project under this Contract and furnishing materials in connection with this Contract. These Bonds shall be in effect through the duration of the Contract plus the Guaranty Period as required by the Contract Documents. 8.1.2 If the surety on any Bond furnished by CONTRACTOR is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida or it ceases to meet the requirements of other applicable laws or regulations, CONTRACTOR shall within three (3) days substitute another bond and surety, both of which must be acceptable to CITY. If Contractor fails to make such substitution, City may procure such required bonds on behalf of Contractor at Contractor's expense. 27