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0 R <br /> BONDS <br /> Bid Security : Each bid must be accompanied by a cashier's check , certified check or bid bond in the <br /> form attached to these specifications payable to INDIAN RIVER COUNTY in the amount of five ( 5 ) <br /> percent of the bid submitted. Bid security will be forfeited if the successful bidder fails to execute a <br /> contract with the County substantially in the form attached hereto within fifteen (15 ) days after <br /> notification of award of the contract . The OWNER shall within twenty (20) business days after the <br /> opening of the bids , return the bid securities of all bidders except those posted by the three lowest <br /> responsive bidders , whose bid securities will be returned upon the final award and execution of the <br /> contract between the successful bidder and the OWNER , and after proof of insurance and/or a <br /> Performance Bond as specified herein has been received by OWNER . <br /> Performance & Payment Bonds: The CONTRACTOR shall furnish a Performance Bond in the form <br /> attached to these specifications in an amount of 125 % of the lump sum amount bid as security for the <br /> full and complete performance of the contract and a Payment Bond in the amount of 100 % of the <br /> lump sum bid as security for the payment of all persons performing labor, furnishing materials or <br /> furnishing equipment in connection with the contract . <br /> Requirements as to Surety : The surety or Sureties shall be a company or companies satisfactory to <br /> the County . Any surety shall be required to have a resident agent in the State of Florida and shall be <br /> duly licensed to conduct business therein . The requirement of a Florida resident agent may be waived <br /> by the County if evidence satisfactory to the County is provided that applicable requirements have <br /> been met to permit service of process on a State official under State law . <br /> Page 17 of 55 <br />