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16 <br />17 <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 must <br />meet the following additional qualifications. <br />a. 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 />b. The Surety Company shall have at least the following minimum <br />ratings: <br />Amount of Bond Policyholder's Rating Financial Size <br />Category <br />100,000 to 1,000,000 B+ + Class V or higher <br />1,000,001 to 2,000,000 A- Class VI or higher <br />2,000,001 to 5,000,000 A Class VII or higher <br />C. All Surety Companies are subject to review and approval by the <br />Owner and may be rejected without cause. All bonds signed by an <br />Agency must be accompanied by a certificate of authority to act. <br />15.5 The Surety Company shall submit verification from the Department of <br />Insurance Office of the Treasurer stating the surety company's license and <br />certificate of authorization to do business in the State of Florida. <br />SUBCONTRACTOR LIST <br />16.1 In conjunction with the Bid Form, Bidder shall submit a list of names of the <br />subcontractors and major material suppliers proposed for the principal <br />portions of the Work. Submit list on form provided by the Engineer. <br />16.2 Prior to award of Contract, the Owner will notify the Bidder in writing if they <br />have an objection to any person or entity listed. Upon such reasonable <br />objection, the Bidder shall propose an acceptable substitute person or entity <br />in accordance with Article 6.06 of the General Conditions. <br />BID PROTEST <br />07/03 00100 -6 03- 4138.A <br />