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10/5/90.2(Code)Legal(Ob) <br />(h -)—Payment -and Performance Bonds, <br />Contracts _under $25,000.00. Normally, <br />payment and performance- bonds shall not be <br />required; however, if the County <br />Administrator determines that oavment and <br />performance bonds are desirable in a <br />particular instance the public notice <br />inviting bids shall specify the requirements <br />for payment and performance bonds and the <br />procedures in subparagraph (2) and (3) of <br />this paragraph shall apply. <br />Contracts $25,000.00 or over. Payment bonds <br />--------------------------- <br />equal to 100% of the contract price and <br />performance bonds equal to 125% of the <br />contract price shall be provided by the <br />successful bidder at the time of the <br />execution of the contract. The notice <br />inviting bids shallspecify the requirement <br />for payment and performance bonds. <br />(3) Bond requirement. The bond shall be provided <br />by a -surety company authorized to do business <br />i mire- state d f—F1-ori cfa . I r +Feu of a- bond , <br />the County will accept as security cash, <br />certified check, cashier's check or an <br />irrevocable letter of credit. The check or <br />letter of credit shall be drawn on or issued <br />by a bank authorized to do business in the <br />state of Florida, See the provisions of <br />Section 255.05 F.S. The bond shall remain in <br />effect for at -lea-st 30 days after f-Fnal <br />completion. <br />(i) Waiver of bonds. At the time.of award of contract, <br />the County may waive the requirement for payment <br />and performance bonds and the cost of said_ bonds <br />shall be deducted from the contract price. <br />Payment when bored of this section not required. <br />— ------------------------------------ — <br />Except Tor a contract subject to paragraph fij, <br />when there is no bond requirement the County shall <br />make only one payment for the entire amount when <br />the terms of the contract have been fulfilled. <br />(k) Waiver of bidding procedures. The County <br />-------------------------------- <br />Commission may waive or modify the bidding <br />procedure on specific contracts. <br />SmeadSok Reprint Date: Monday, August 12, 2013 - 15:25:15 - OfficialDocuments:674, Attachment Id 0, Page 6 <br />