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40 A point is Bost or destroyed or requires relocation because of necessary changes in grades or locations, and shall be responsible for the accurate replacement or relocaticn of such reference: points by professionally qualified personnel. GLIE 5 - 80—N 7 NIJ INrR NQEE 5.1 Within ten (10) days of receipt of the Contract Documents for execution, the successful bidder 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 for the faithful performance and payment of all CONTRACTOR'S obligations under the Contract Documents The CONTRACTOR shall provide two separate bonds, a combined Payment and Performance Bond for 125% of the contract price is not an acceptable substitute. CONTRACTOR shall furnish the bonds on the forms provided in these Contract Documents in accordance with Article 5. -'he CONTRACTOR is required at all times to have valid Performance and Payment Bonds in force covering the work being performed. A failure to have such bonds in force at any time shall constitute a default on the part of the CONTRACTOR. If the surety writing the Performance and Payment Honda becomes disqualified, then this shall automatically constitute a failure on the part of the CONTRACTOR to meet the above requirements. All bonds shall be in the forms prescribed by Law or Regulation or by the Contract Documents and 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 Audit Staff Bureau of Accounts, U.S. Treasury Department. All Bonds signed by an agent must be accompanied by a certified copy of the authority to act. 5.2 If the surety on any Bond furnished by CONTRACTOR is declared bankrupt or becomes insolvent or its right to do business is terminated in any state where any part of the Project is located or it ceases to meet time requirements of paragraph 5.1, CONTRACTOR shall within five (5) days thereafter substitute another Bond and Surety, both of which must be acceptable to OWNER. In lieu of the Performance and Payment Bonds, the CONTRACTOR may furnish an alternative form of security in the form of cash, money order, certified check, cashier's check, irrevocable letter of credit or a security as listed in Part II of F,S. Chapter 625. Any such alternative form of security shall be for the same purposes, and be for the same amount and subject to the same conditions as those applicable to the bond otherwise required. The determination of the value of an alternative form of security shall ba made by the OWNER. Such bonds shall continue in effect for one (1) year after completion and acceptance of the work. CONTRACTOR's Liability Insurance: 5.3 Insurance - General: CONTRACTOR shall not commence work under this contract until he has obtained all insurance required under this Section and such insurance has been approved by the OWNER, nor shall time CONTRACTOR allow any Subcontractor to commence work on his subcontract until all sinmilar insurance � :gUired of the Subcontractor has been so obtained and approved. All such insurance shall remain in affect until final payment and at all time thereafter when CONTRACTOR may be correcting, removing or replacing defective 'Work in accordance with paragraph 13A 2. GENERAL CONDITIONS