1997-304 - Laserfiche WebLink

Home Browse Search

i� •>'�` t ASA referenced coverage. All insurance companies must be licensed in Florida and be acceptable to the County's Risk Manager. Certificates of Insurance shall be signed by a licensed Florida agent and be amended to show "60 days notice of change or cancellation will be given to the Indian River County Risk Manager by certified mail". If an "ACCORD" Insurance Certificate is used, the words "endeavor to" and "but failure to mail such notice shall impose no obligation or liability of any kind upon the company" in the "cancellation" paragraph of the form shall be deleted. The Certificate Holder shall be worded as follows: Indian River County Risk Management Department County Administration Building 1840 25th Street Vero Beach, Florida 32960 ARTICLE 26 - IRREVOCABLE LETTER OF CREDIT In order to ensure performance of its obligation under the Contract, the Contractor shall, as soon as possible after the execution of the Contract and prior to the commencement of its operation, furnish to the County (i) a performance bond executed by a surety company authorized to do business in Florida, or (ii) a letter of credit from a national banking association authorized to transact business in the State of Florida, or (iii) an escrow fund for the benefit of the County, or any combination of such performance bond, letter of credit or escrow fund in an aggregate amount not less than $750,000, provided however, the Contractor may furnish only $250,000 of such aggregate amount prior to the commencement of its operations. In such case, the County may withhold from the payments due to Contractor, and place in an escrow fund for its benefit, to secure the performance of Contractor's obligation under this Agreement, $500,000 over a period of four (4) months by depositing in an escrow fund at the end of each month an amount sufficient to bring the escrow to not less than the product of $125,000 times the number of months from Contractor's commencement of operations. The form to be used for the irrevocable letter of credit is provided as part of the bid form. ARTICLE 27 - FORCE MAJEURE The Contractor's performance hereunder may be suspended and its obligations hereunder excused in the event that performance is prevented or delayed by a cause or causes which are not the result of action or nonaction by the Contractor, Subcontractors, Suppliers or others in his employ directly or indirectly. Such causes may include legislative action, and regulatory action or inaction, provided that the Contractor has exercised best efforts in supplying information used in making applications for permits or other authorizations; or judicial or administrative decision pursuantto the foregoing relative to the Contractor's obligations hereunder, none of which is caused by any action or inaction of the Contractor: acts of God; acts of war; riot; fire; explosion; accident; flood or sabotage. The Contractor and County agree to cooperate fully with each other to diligently pursue resolution of any such suspension due to such uncontrollable events. GC -16 ' r"� y F:_/;i ,+°yy 265% x'r' i;t'.'n':•�"'d T .•:57 $i.�9(� F '!� ��rr � �::a:� �•d3it' - .. :r• +c :z� � ...�3::�s?iVMEgattmai�. �'ri`�.`�� iavvm.>:.LN.,::sfmtYY`_ b00666{09.30.97