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BK: 3615 PG: 1121 Eighth Draft Clean Version 11/07/2022 -7- Construction Contract with the selected contractor including terms that are fair, competitive, and reasonable and the terms set forth below, with the selected contractor. v. The Construction Contract shall, inter olio, include each of the following requirements related to all work under the Construction Contract: 1. the furnishing of a public construction bond in a form consistent with Section 255.05, Fla. Stat., with St. Lucie named as co -obligee; 2. retainage in an amount acceptable to St. Lucie for the Work, until the Completion of the Work (including a retainage of 5% of the total value of the construction contract) and required at 50% completion as set forth in Section 255.078, Fla, Stat.; 3. payment by the Contractor of liquidated damages for each day from and after the Required Completion Date (If and as that term or its equivalent is defined in the Construction Contract) until the actual date of Completion; 4. a requirement that the Contractor perform and achieve Completion of the Work for a Guaranteed Maximum Price or fixed stipulated sum, by no later than the Required Completion Date; 5. the furnishing of an "installation floater" insurance policy or such other policy of insurance covering goods in transit and while the Work is being performed, with terms, limits, coverages and specifications acceptable to St. Lucie; 6. the provision of an Owner's Contractor Protective policy of insurance, including extensions for products and completed operations coverage and similar extended coverage at least through Completion (as defined herein) of the Work, or another policy of insurance acceptable to St. Lucie, with the Counties as a named insured; 7. the Counties shall be named as a third -party beneficiary in the Construction Contract. S. New Improvements. a. Phase 1 Space Needs Analysis i. The Architect shall be provided an estimated forty-five (45) days from receiving its Notice to Proceed to complete the draft Space Needs Analysis.