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do VAR S.1 CONTRACTOR shall finish a Performance Bond in an amount equal to 125% of the contract price and Payment Bond in an amount equal to 100% of the contract price as security for the faithful performance and payment of all CONTRACTOR'S obligations under the Contract Documents. CONTRACTOR shall furnish the bond on the form provided in these Contract Documents in accordance with this Article 5. This Bond shall remain in effect at least until one (1) year after the date when final payment becomes due, except as otherwise ! provided by Law or Regulation or by the Contract Documents. CONTRACTOR shall also furnish such other Bonds as are required by the Supplementary Conditions. All Bonds shall I 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 Molding 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 1 of Accounts, U.S. Treasury Department. All Bonds signed by an agent must be accompanied by a certified copy of the authority to act. i 5.2 If the surety on any Bond famished 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 the 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. CONTRACTOR's Liability Insurance: i. 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 the CONTRACTOR allow any Subcontractor to commence work on his subcontract until all similar insurance required of the Subcontractor has been so obtained and approved. All such insurance shall remain in effect until final payment and at all time thereafter when CONTRACTOR may be correcting, removing or replacing defective Work in accordance with paragraph 13.12. 5.3.1 Insurance Requirements: 5.3.1.1 Worker's Compensation: To meet statutory limits in compliance with the Worker's Compensation Law of Florida. This policy must include Employer Liability with a limit $100,000 for each accident, $500,000 disease (policy limit) and $100,000 disease (each employee). Such policy shall include a waiver of subrogation as against OWNER and ENGINEER on account of injury sustained by an employee(s) of the CONTRACTOR. 5.3.1.2 Commercial General Liability: Coverage shall provide minimum limits of liability of $1,000,000 per occurrence Combined Single Limit for Bodily Injury and Property Damage. This shall include coverage for: GENERAL CONDITIONS GC10