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SC -5 . 01 Performance , Payment and Other Bonds • SC-5 . 01 . A. Delete paragraph GC-5. 01 . A in its entirety and insert the following paragraphs in its place: A . Within ten ( 10 ) days of receipt of the Contract Documents for execution , the CONTRACTOR shall furnish a Performance Bond in an amount equal to 125 % of the Contract Price and a Payment Bond in an amount equal to 100 % of the Contract Price . 1 . The CONTRACTOR shall provide two separate bonds . A combined Payment and Performance Bond for 125 % of the Contract Price is not an acceptable substitute . 2 . Such Bonds shall continue in effect for one ( 1 ) year after acceptance of the Work by the OWNER . 3 , The CONTRACTOR shall record , the Payment Bond and the Performance Bond with the Public Record Section of the Indian River County Courthouse located at 2000 16th Avenue , Vero Beach , Florida 32960 . The recorded bonds shall be forwarded to the Indian River County Purchasing Division on or before the seventh day after they are recorded . The CONTRACTOR shall pay all costs . SC-5 . 01 . 6 . Delete paragraph GC-5. 01 . 8 in its entirety and insert the following paragraph in its place: B . All Bonds shall be in the form prescribed by the Contract Documents except as • provided otherwise by Laws or Regulations , and shall be executed by such sureties as are named in the current list of " Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds 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 sureties for all Bonds must be authorized to issue surety bonds in Florida . The CONTRACTOR 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 CONTRACTOR 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 . SC -5 . 03 Certificates of Insurance SC-5 . 03 Delete the second sentence of paragraph GC-5. 03 in its entirety. SC -5 . 04 CONTRACTOR ' s Liability Insurance SC-5 . 04 Add the following new paragraphs immediately after paragraph GC-5. 04. 8: C . The limits of liability for the insurance required by paragraph 5 . 04 of the General Conditions shall provide coverage for not less than the following amounts or greater where required by Laws and Regulations : • 1 . Worker' s Compensation : To meet statutory limits in compliance with the Worker's Compensation Law of Florida . This policy must include Employer Liability with a limit $ 100 , 000 for each accident , $ 500 , 000 IRC OPERATIONS COMPLEX 00800 — Supplemental Conditions 00800 - 3