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"'*'r or suµ �'N' research information or other factors that influence price. The City reserves the right to apply any reduction in pricing for the additional term(s) based on the downward movement of the applicable index. The City reserves the right to reject any price adjustments submitted by the vendor and /or to not exercise any otherwise available option period based on such price adjustments. Continuation of the contract beyond the initial period, and any option subsequently exercised, is a City prerogative, and not a right of the vendor. This prerogative will be exercised only when such continuation is clearly in the best interest of the City. Should the vendor decline the City's right to exercise the option period, the City may consider the vendor in default which decision may effect that vendor's eligibility for future contracts. NOTE: IF MULTIPLE VENDORS ARE INVOLVED UNDER THE GIVEN CONTRACT, ANY OPTIONS TO RENEW WILL BE RESTRICTED TO THE SPECIFIC ITEMS OF WORK INITIALLY AWARDED TO ANY SPECIFIC VENDOR. 2.5 METHOD OF AWARD The City will award this contract to the designated lowest responsive and responsible vendor (As defined in section 62 -06 of the City Code) as the primary vendor and will award this contract to the designated second lowest responsive and responsible vendor as the secondary vendor respectively. If the City exercises this right, the primary vendor shall be given the first opportunity to perform the service or deliver the goods identified in this contract. If the primary vendor declines this opportunity or has defaulted or has been terminated, the City shall seek the identified goods or services from the secondary vendor. Please see section 4 of this RFP for the method of award. 2.6 PRICE Unit prices shall remain fixed and firm through the term of the contract. 2.7 PERFORMANCE AND PAYMENT BOND The City of Sunny Isles Beach shall require the successful Proposer to furnish a Performance and Payment Bond in the amount of 100% of the total recurring services (The subtotal of lines 1 — 73 of the bid form) of the extended total , with the City of Sunny Isles Beach as the Obligee, as security for the faithful performance of the Contract and for the payment of all persons performing labor or furnishing materials in connection herewith within ten (10) calendar days after notification of the award by the City. The bonds shall be with a surety company authorized to do business in the State of Florida. City of Sunny Isles Beach I Request for Proposal No. 12 -05 -01