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15. PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND 15.1 With the execution and delivery of the Contract, the Bidder shall furnish the following Surety bonds of the forms contained herein: Performance Bond guaranteeing full and faithful execution of the Work in an amount equal to 100 percent of the Contract Sum, and including guaranteed repair and maintenance of all defects due to faulty materials and workmanship that appear within one year after completion of contract. b. Labor and Material Payment Bond guaranteeing full and proper protection of all claimants supplying labor and materials in the Work in an amount equal to 100 percent of the Contract Sum. A Bid Bond and Performance and Payment Bond must be executed by a Surety Company of ' recognized standing, authorized to do business in the State of Florida and having been in business with a record of successful continuous operation for at least (5) years. In addition to the above minimum qualifications, the Surety Company must meet the following ' additional qualifications. The City will accept a surety bond from a company with a rating of B ++ or better for bonds up to $1 million, provided, however, that if any Surety Company appears on the watch list that is published quarterly by Intercom of the Office of the Florida Insurance Commissioner, the City shall review and either accept or reject the Surety Company based on the financial information 1 available to the City. A Surety Company that is rejected by the City may be substituted by the bidder or proponent with a surety company acceptable to the City, only if the bid amount does not increase. a. The Surety Company shall have at least the following minimum ratings: Amount of Bond Policyholder's Rating Financial Size Category ' 100,000 to 1,000,000 B ++ Class V or higher 1,000,001 to 2,000,000 A- Class VI or higher ' 2,000,001 to 5,000,000 A Class VII or higher b. All Surety Companies are subject to review and approval by the Owner and may be rejected ' without cause. All bonds signed by an Agency must be accompanied by a certificate of authority to act. I 15.5 The Surety Company shall submit verification from the Department of Insurance Office of the Treasurer stating the surety company's license and certificate of authorization to do business in the State of Florida. 1 06/05 00100 -5 15.2 Bonds shall be executed by Surety authorized to do business in the State of Florida and listed 1 on the latest U.S. Treasury Department list of companies holding certificates of authority as acceptable sureties on Federal Bonds. ' 15.3 Bonds executed by an Attorney -in -Fact on behalf of the Surety, shall have affixed thereto a certified and current copy of Power of Attorney, indicating the monetary limit of such power. ' 15.4 Qualifications: As to companies being rated acceptable: A Bid Bond and Performance and Payment Bond must be executed by a Surety Company of ' recognized standing, authorized to do business in the State of Florida and having been in business with a record of successful continuous operation for at least (5) years. In addition to the above minimum qualifications, the Surety Company must meet the following ' additional qualifications. The City will accept a surety bond from a company with a rating of B ++ or better for bonds up to $1 million, provided, however, that if any Surety Company appears on the watch list that is published quarterly by Intercom of the Office of the Florida Insurance Commissioner, the City shall review and either accept or reject the Surety Company based on the financial information 1 available to the City. A Surety Company that is rejected by the City may be substituted by the bidder or proponent with a surety company acceptable to the City, only if the bid amount does not increase. a. The Surety Company shall have at least the following minimum ratings: Amount of Bond Policyholder's Rating Financial Size Category ' 100,000 to 1,000,000 B ++ Class V or higher 1,000,001 to 2,000,000 A- Class VI or higher ' 2,000,001 to 5,000,000 A Class VII or higher b. All Surety Companies are subject to review and approval by the Owner and may be rejected ' without cause. All bonds signed by an Agency must be accompanied by a certificate of authority to act. I 15.5 The Surety Company shall submit verification from the Department of Insurance Office of the Treasurer stating the surety company's license and certificate of authorization to do business in the State of Florida. 1 06/05 00100 -5