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r their work concurrently, and shall properly coordinate its work with theirs in the best interest of the County. 8. BONDS : Bid Security : A Bid must be accompanied by Bid Security, and must be in the form of either a certified check or cashier' s check on any bank authorized to do business in the State of Florida, or a bid bond in the form of AIA document A310 , properly executed by the Bidder and by a qualified surety. The Bid Security must be in the sum of not less than Five Percent 5 % of the total amount bid, made payable to Indian River County Board of County Commissioners . The Bid Bond shall be executed by such sureties as are named in the current 4 list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds 6 and as Acceptable Reinsuring Companies" as published in Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U . S . Department of the Treasury. The Surety must be authorized to issue surety bonds in Florida. The Bidder shall require the attorney-in- fact who executes any Bond, to affix to each a current certified copy of their Power of Attorney, reflecting such person's authority as Power of Attorney in the State of Florida. Further, at the time of execution of the Contract, the Successful Bidder shall for all Bonds , provide a copy of the Surety' s current valid Certificate of Authority issued by the United States Department of the Treasury under 31 United States Code sections 9304- 9308 . The Bid Security of the Successful Bidder will be retained until such Bidder has executed the Contract Documents, furnished the required Payment Bond and Performance Bond, and met the other conditions of the Notice of Award, whereupon the Bid security will be returned. If the Successful Bidder fails to execute and deliver the Contract Documents and furnish the required Payment Bond and Performance Bond within 15 days after the Notice of Award, OWNER may annul the Notice of Award and the Bid security of that Bidder will be retained by OWNER as liquidated damages and not as a penalty. The Bid security of other Bidders whom OWNER believes to have a reasonable chance of receiving the award may be retained by OWNER until the earlier of seven days after the Effective Date of the Agreement or 61 days after the Bid opening, whereupon Bid security furnished by such Bidders will be returned. Bid security of other Bidders whom OWNER believes do not have a reasonable chance of receiving the award will be returned within seven days after the Bid opening. Performance & Payment Bonds : The CONTRACTOR shall furnish a Performance Bond in the form attached to these specifications in an amount of 100% of the total bid price as security for the full and complete performance of the contract and a Payment Bond in the amount of 100% of the total bid price as security for the payment of all persons performing labor, furnishing materials or furnishing equipment in connection with the contract. The Contractor shall provide two separate bonds ; a combined Payment and Performance Bond for 100 percent of the contract price is not an acceptable substitute . Requirements as to Surety : The Surety for each of the Payment Bond and the Performance Bond shall be authorized to issue surety bonds in Florida and be included in the most recent United States Department of Treasury List of Acceptable Sureties . The successful Bidder shall require the attorney-in-fact, who executed the Payment Bond and the Performance Bond, Page 18 of 55