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• • PROPOSED CHANGES - PURCHASING MANUAL insurance requirements contained in the bid documents. Upon award, the Risk Management Division shall review certificates of insurance, approving those which comply with the requirements of the bid documents. Non -approved certificates of insurance shall be returned to the Purchasing Division with a statement of the reasons for non -approval and instructions on how the certificate may be corrected. Insurance requirements -shall be met prior to final e xecution of the contract by the Chairman .of the Board, or the County Administrator or the Purchasing Manager The Purchasing Division and the Risk Management Division shall not allow any contract to continue without proper insurance in effect. Work to be authorized by purchase o rder must also meet the insurance requirements dictated b the Administrative Polic and Risk Management. J. Bid Bond. A bid bond or alternative bid security must accompany each bid e xceeding $25,000. A bid bond must be properly executed by the bidder and by a qualified surety. Alternative bid security must be in the form of a certified check or cashier's check issued by a bank authorized to do business in the State of Florida. The bid bond or security shall bein the amount of not less than five percent (5%) of the total amount of the bid, and shall be payable to the Indian River County Board of County Commissioners. Any failure or refusal by the bidder to honor the bid after opening shall be deemed to be a breach of the bidder's obligations. In such e vent, the bid bond or security shall be immediately payable to the County as liquidated damages, and not as a penalty. Failure to supply the required bid bond or security at the time of the bid opening shall automatically disqualify the bidder as non-responsive to the bid requirements. K. Sole Discretion. Any decision, waiver, exercise of judgment or interpretation required or permitted by this manual, or the application of this manual, by the County or any County official shall be deemed to be made in the sole and absolute discretion of the County or the official, and shall be final and binding upon all affected parties. L. Contract Renewal or Extension. Renewal or extension of any contract shall be at the sole discretion of the County. No supplier of commodities or services shall have a legal right to renewal or extension of any contract. M. Contracts or Purchase Orders Entered into in Volation of this Manual. Any contract, purchase order or other commitment entered into by a County employee or department in violation of this manual shall be null and void; provided, however, that the Board may waive the requirements of this manual, or any technicalities or irregularities relating to compliance with the requirements of this manual, when it is in the best interests of the County to do so. 1.4 PURCHASING DEFINITIONS APPLICABLE LAW - Any local, state or federal law which applies to the transaction or issue at hand, as amended from time to time. If any specific statute or local law is cited in this manual, such reference shall be to the statute or local taw, as amended from time to time. 3 5