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Contract Terms and Conditions 222209954,0 Bid Bond. v) Bid Bonds must be submitted on the form provided (see attachment). vi) Personal checks, business checks, and cash deposits are not acceptable to Hillsborough County and will render your Bid nonresponsive. 2.3.3. Evidence of Power -of -Attorney on Surety Instruments Attorneys -in -fact who sign Bonds or other surety instruments must attach with each Bond or surety instrument a certified and effectively dated copy of their power-of-attorney. 2.3.4. Performance and Payment Bonds i) The successful Bidder shall execute a Performance Bond as shown within the attachment, or furnish acceptable alternative forms of security, in a sum equal to one hundred percent (100%) of the total awarded Contract amount by a Surety company considered satisfactory by the County and otherwise authorized to transact business in the State of Florida. The Performance Bond shall be required from the successful Bidder to ensure the faithful performance of the obligations imposed by the Contract. ii) The successful Bidder shall execute a Payment Bond as shown within the attachments, or furnish acceptable alternative forms of security, in a sum equal to one hundred percent (100%) of the total awarded Contract by a Surety company considered satisfactory by the County and otherwise authorized to transact business in the State of Florida. The Payment Bond shall be provided by the successful Bidder for purposes of protecting the County from lawsuits for non-payment of debt that might arise in connection with the successful Bidder's performance under the Contract. iii) The Performance Bond and Payment Bond forms will be included in the Contract Documents and must be properly executed by the Surety and the successful Bidder. Attorneys -in -fact who sign Bonds or other surety instruments must attach with each Bond or surety instrument a certified and effectively dated copy of their power of attorney. Certified copies of the recorded Bonds shall be submitted to the County within ten (10) Days after notification by the County of award of the Contract. iv) In lieu of the Performance and Payment Bonds required by this section, the successful Bidder may file with the County an alternative form of security which shall be in the form of Cash, money order, certified check, cashier's check, irrevocable letter of credit, or alternative securities of the type listed in Part II of Chapter 625, Florida Statutes. Such alternative forms of security shall be for the same purpose and shall be subject to the same conditions as those applicable to the Performance and Payment Bonds. The determination of the value of such alternative forms of security shall be made by the County. 2.3.5. Security Forfeiture If within ten (10) Days after the successful Bidder's receipt of the Notice of Award, the successful Bidder refuses or otherwise neglects to execute and deliver the required Agreement or fails to furnish the required Performance and Payment Bonds, or acceptable alternative forms of security as stipulated herein, the amount of the Bidder's Bid security (check, Bid Bond/Earnest Money Deposit, or other) may be forfeited and the award rescinded if such action is deemed to be in the best interests of County. No plea of mistake in the Bid or misunderstanding of the conditions of forfeiture shall be available to the Bidder for the recovery of its Bid security or as a defense to any action based upon the neglect or refusal to execute the required Agreement. Hillsborough County Board of County Commissioners Page 28 of 61