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' 8 . BONDS (IF PROJECT COST EXCEEDS $25,000. 00) Bid Security : Each bid must be accompanied by a cashier' s check, certified check or bid bond in ' the form attached to these specifications payable to INDIAN RIVER COUNTY in the amount of five (5 ) percent of the bid submitted . Bid security will be forfeited if the successful bidder fails to execute a contract with the County substantially in the form attached hereto within fifteen (15 ) ' days after notification of award of the contract . The OWNER shall within twenty (20) business days after the opening of the bids , return the bid securities of all bidders except those posted by the three lowest responsive bidders, whose bid securities will be returned upon the final award and execution of the contract between the successful bidder and the OWNER, and after proof of insurance and/or a Performance Bond as specified herein has been received by OWNER. ' Performance & Payment Bonds : The CONTRACTOR shall furnish a Performance Bond in the form attached to these specifications in an amount of 125 % of the lump sum amount bid as security for the full and complete performance of the contract and a Payment Bond in the amount of 100% of the lump sum bid as security for the payment of all persons performing labor, furnishing materials or furnishing equipment in connection with the contract . ' Requirements as to Surety : The surety or Sureties shall be a company or companies satisfactory to the County. Any surety shall be required to have a resident agent in the State of Florida and ' shall be duly licensed to conduct business therein. The requirement of a Florida resident agent may be waived by the County if evidence satisfactory to the County is provided that applicable requirements have been met to permit service of process on a State official under State law . 1 1 i 1 1 1 1 1 Page 15 of 52