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contract for design-build services for the design - City of Miami

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Notice <strong>of</strong> Cancellation and/or Restriction--The policy(ies) must be endorsed to provide<br />

<strong>City</strong> with at least thirty (30) days notice <strong>of</strong> cancellation, material modification, and/or<br />

restriction.<br />

Design-Build Firm shall furnish to <strong>the</strong> Capital Improvement Program <strong>the</strong> Certificates <strong>of</strong><br />

Insurance or endorsements evidencing <strong>the</strong> insurance coverage specified above within<br />

fifteen (15) calendar days after notification <strong>of</strong> award <strong>of</strong> <strong>the</strong> Contract. The required<br />

Certificates <strong>of</strong> Insurance shall name <strong>the</strong> types <strong>of</strong> policies provided, refer specifically to<br />

this Contract, and state that such insurance is as required by this Contract.<br />

The <strong>of</strong>ficial title <strong>of</strong> <strong>the</strong> Owner is <strong>the</strong> <strong>City</strong> <strong>of</strong> <strong>Miami</strong>, Florida. This <strong>of</strong>ficial title shall be used<br />

in all insurance documentation.<br />

Companies authorized to do business in <strong>the</strong> State <strong>of</strong> Florida, with <strong>the</strong> following<br />

qualifications, shall issue all insurance policies required above:<br />

The company must be rated no less than “A-” as to management, and no less than<br />

“Class V” as to Financial Strength, by <strong>the</strong> latest edition <strong>of</strong> Best‟s Insurance Guide,<br />

published by A.M. Best Company, Oldwick, New Jersey, or its equivalent. All policies<br />

and /or certificates <strong>of</strong> insurance are subject to review and verification by Risk<br />

Management prior to insurance approval.<br />

8. Per<strong>for</strong>mance and Payment Bond<br />

Where required by <strong>the</strong> Contract Documents <strong>the</strong> Design-Build Firm shall within fifteen<br />

(15) calendar days <strong>of</strong> being notified <strong>of</strong> award, furnish a Per<strong>for</strong>mance/Payment Bond<br />

containing all <strong>the</strong> provisions <strong>of</strong> <strong>the</strong> attached Per<strong>for</strong>mance/Payment <strong>for</strong>ms.<br />

Each Bond shall be in <strong>the</strong> amount <strong>of</strong> one hundred percent (100%) <strong>of</strong> <strong>the</strong> Contract value<br />

guaranteeing to <strong>City</strong> <strong>the</strong> completion and per<strong>for</strong>mance <strong>of</strong> <strong>the</strong> Work covered in <strong>the</strong><br />

Contract Documents as well as full payment <strong>of</strong> all suppliers, laborers, or Sub Design-<br />

Build Firm , and Subconsultant employed pursuant to this Project(s). Each Bond shall<br />

be with a Surety, which is qualified pursuant to Article 9, Qualification <strong>of</strong> Surety.<br />

Each Bond shall continue in effect <strong>for</strong> one year after Final Completion and acceptance <strong>of</strong><br />

<strong>the</strong> Work with liability equal to one hundred percent (100%) <strong>of</strong> <strong>the</strong> Contract value, or an<br />

additional bond shall be conditioned that Design-Build Firm will, upon notification by <strong>City</strong>,<br />

correct any defective or faulty work or materials which appear within one year after Final<br />

Completion <strong>of</strong> <strong>the</strong> Project(s). The bond shall be subject to <strong>the</strong> approval <strong>of</strong> <strong>the</strong> Risk<br />

Manager and shall be substantially in <strong>the</strong> <strong>for</strong>m prescribed by Section 255.05(3), Florida<br />

Statutes.<br />

The <strong>City</strong> must be listed as an Obligee.<br />

Pursuant to <strong>the</strong> requirements <strong>of</strong> Section 255.05(1)(a), Florida Statutes, as may be<br />

amended from time to time, Design-Build Firm shall ensure that <strong>the</strong> bond(s) referenced<br />

above shall be recorded in <strong>the</strong> public records and provide <strong>City</strong> with evidence <strong>of</strong> such<br />

recording.<br />

9. Qualification <strong>of</strong> Surety<br />

Bid Bonds, Per<strong>for</strong>mance/ Payment Bonds over Five Hundred Thousand Dollars<br />

($500,000.00):<br />

Each bond must be executed by a surety company <strong>of</strong> recognized standing, currently<br />

authorized to do business in <strong>the</strong> State <strong>of</strong> Florida as surety, having a resident agent in<br />

<strong>the</strong> State <strong>of</strong> Florida and having been in business with a record <strong>of</strong> successful<br />

continuous operation <strong>for</strong> at least five (5) years.<br />

14<br />

Design-Build Services <strong>for</strong> Seawall Stabilization and Repair Project RFP 11-12-033

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