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5 . 2 Final Payment Acceptance : The acceptance by the CONTRACTOR of final payment due on termination of this contract shall constitute a full and complete release of the County from any and all claims, demands and causes of action whatsoever which the CONTRACTOR, its successors or assigns have or may have against the County under the provisions of this contract . 6. 0 EXAMINATION OF THE SITE 6 . 1 Before submitting this bid, the bidder shall visit the job site in order to ascertain the prevailing local conditions, which may affect the work to be done . 6 . 2 No payment for additional work or materials shall be made upon any claim of changed conditions (s) if such condition(s) could have been reasonably foreseen upon diligent examination of the site prior to submission of the bid . 7. 0 COOPERATION/COORDINATION 7 . 1 The OWNER and its authorized representatives shall be permitted free access and every reasonable facility for the inspection of all work and materials . 7 . 2 Work by OWNER : The County hereby reserves the right to perform activities in the area where work is being done under this contract with its own forces . 7 . 3 Work by Other CONTRACTORS : The County hereby reserves the right to permit other CONTRACTORS to work within the area, which is the site of the work under the contract . 7 . 4 Coordination : CONTRACTOR shall afford OWNER and other CONTRACTORS reasonable opportunity for the introduction and storage of their equipment, materials and the execution of their work concurrently, and shall properly coordinate its work with theirs in the best interest of the County. 8 . 0 BONDS 8 . 1 Bid Security : Each bid must be accompanied by a cashier's check, certified check or bid bond in the form attached to these specifications payable to INDIAN RIVER COUNTY in the amount of . five (5 ) percent of the bid submitted . Bid security will be forfeited if the successful bidder fails to execute a contract with the County substantially in the form attached hereto within fifteen (15 ) days after notification of award of the contract. The OWNER shall within twenty (20) business days after the opening of the bids , return the bid securities of all bidders except those posted by the three lowest responsive bidders, whose bid securities will be returned upon the final award and execution of the contract between the successful bidder and the OWNER, and after proof of insurance and/or a Performance Bond as specified herein has been received by OWNER. 8 . 2 Performance & Payment Bonds : The CONTRACTOR shall furnish a Performance Bond in the form attached to these specifications in an amount of 125 % of the lump sum amount bid as security for the full and complete performance of the contract and a separate Payment Bond in the amount of 100% of the lump sum bid as security for the payment of all persons performing labor, furnishing materials or furnishing equipment in connection with the contract . FAPublic Works\Capital Projects\CR 512 & Oslo- Milling, Resurfacing and Shoulder Paving\Bid Document5 . 18 .04 . doc Page 9 of 58