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4. The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. 5. If the Contract Award Amount exceeds $500,000, the Surety Company shall also comply with the following provisions: A. The Surety Company shall have at least the following minimum ratings in the latest issue of Best's Key Rating Guide. POLICY REQUIRED HOLDER'S FINANCIAL CONTRACT AMOUNT $ 500,000. 1,0001000 RATING A- BATING Class I 1,000,000- 2,000,000 A- Class II 2,000,000- 5,000,000 A- Class III 5,000,000- 10,000,000 A- Class IV 10,000,000- 25,000,000 A- Class V 25,000,000- 50,000,000 A- Class VI 50,000,000-100,000,000 A- Class VII B. The Surety Company shall not expose itself to any loss on any one risk in an amount exceeding ten percent (10%) of its surplus to policyholders, provided: (a) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the state of Florida, Department of Insurance to do business in this state have been met. (b) In the case of the Surety Insurance Company, in addition to the deduction for reinsurance, the amount assumed by any co -surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. (6) nuaUty Control The Contractor shall develop and maintain a program, acceptable to the Owner and Architect - Engineer, to assure quality control of the Construction. He shall supervise the work of all subcontractors providing instructions to each when their work does not conform to the requirements of the plans and Specifications and he shall continue to exert his influence and control over each subcontractor to ensure that corrections are made in a timely manner so as to not affect the efficient progress of the work. Should disagreement occur between the Contractor and Architect -Engineer over acceptability of work and conformance with the requirements of the Specifications and plans, the Owner shall be the final judge of performance and acceptability. (7) Subcontractor Interfacing The Contractor shall be the single point of interface with all subcontractors for the Owner and all of its agents and representatives including the Architect -Engineer. He shall negotiate all change orders, field orders and request for proposals, with all affected subcontractors and shall review the costs of those proposals and advise the Owner and Architect -Engineer of their validity and reasonableness, acting in the Owner's best interest prior to requesting approval of each change order from the Owner. Before any work is begun on any change order, a written authorization from the Owner must be issued. However, when health and safety are threatened, the Contractor shall act immediately to remove the threat to health and safety. He shall also carefully review all shop drawings and then forward the same to the Architect -Engineer for review and actions. The Architect -Engineer will transmit them back to the Contractor who will then issue the shop drawings to the affected subcontractor for fabrication or revision. The Contractor shall maintain a suspense control system to promote expeditious handling. He shall request the Architect -Engineer to make interpretations of the Drawings or Specifications requested of him by the subcontractors and shall maintain a suspense control system to promote timely response. He shall advise the Project Manager and Architect -Engineer when timely response is not occurring on any of the above. (8) PlmilS The Owner shall secure all necessary building permits from the permitting authority and all necessary utility connection permits, the cost of which will be considered a direct cost item. (9) Job Site Reaurrements (a) The Contractor shall provide for each of the following activities as a part of his Construction Phase Fee: