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7 <br />1 15 <br />0 <br />r <br />r <br />C <br />F_ <br />n <br />r <br />L <br />C <br />7 <br />7 <br />PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND <br />15.1 With the execution and delivery of the Contract, the Bidder shall furnish <br />the following Surety bonds of the forms contained herein: <br />a. Performance Bond guaranteeing full and faithful execution of the <br />Work in an amount equal to 100 percent of the Contract Sum, and <br />including guaranteed repair and maintenance of all defects due to <br />faulty materials and workmanship that appear within one year after <br />completion of contract. <br />b. Labor and Material Payment Bond guaranteeing full and proper <br />protection of all claimants supplying labor and materials in the Work <br />in an amount equal to 100 percent of the Contract Sum. <br />15.2 Bonds shall be executed by Surety authorized to do business in the State <br />of Florida and listed on the latest U.S. Treasury Department list of <br />companies holding certificates of authority as acceptable sureties on <br />Federal Bonds. <br />15.3 Bonds executed by an Attorney -in -Fact on behalf of the Surety, shall have <br />affixed thereto a certified and current copy of Power of Attorney, indicating <br />the monetary limit of such power. <br />15.4 Qualifications: As to companies being rated acceptable: <br />A Bid Bond and Performance and Payment Bond must be executed by a <br />Surety Company of recognized standing, authorized to do business in the <br />State of Florida and having been in business with a record of successful <br />continuous operation for at least (5) years. <br />In addition to the above — minimum qualifications, the Surety Company <br />must meet the following additional qualifications. <br />91 <br />1. The City will accept a surety bond from a company with a rating of <br />B ++ or better for bonds up to $1 million, provided, however, that if <br />any Surety Company appears on the watch list that is published <br />quarterly by Intercom of the Office of the Florida Insurance <br />Commissioner, the City shall review and either accept or reject the <br />Surety Company based on the financial information available to the <br />City. A Surety Company that is rejected by the City may be <br />substituted by the bidder or proposer with a surety company <br />acceptable to the City, only if the bid amount does not increase. <br />The Surety Company shall have at least the following minimum <br />ratings: <br />IFinal Version 6/07 00100 -6 03 -4197 <br />