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BONDS <br /> Bid Security : Each bid must be accompanied by a cashier's check, certified check or bid bond in <br /> the form attached to these specifications payable to SOLID WASTE DISPOSAL DISTRICT in <br /> the amount of five (5 ) percent of the bid submitted . Bid security will be forfeited if the successful <br /> bidder fails to execute a contract with the County substantially in the form attached hereto within <br /> fifteen (15 ) days after notification of award of the contract . The OWNER shall within twenty (20) <br /> business days after the opening of the bids , return the bid securities of all bidders except those <br /> posted by the three lowest responsive bidders, whose bid securities will be returned upon the <br /> final award and execution of the contract between the successful bidder and the OWNER, and <br /> after proof of insurance and a Payment Bond and Performance Bond as specified herein has been <br /> received by OWNER. <br /> Performance & Payment Bonds : The CONTRACTOR shall furnish a Performance Bond in the <br /> form attached to these specifications in an amount of 125 % of the lump sum amount bid as <br /> security for the full and complete performance of the contract and a Payment Bond in the amount <br /> of 100% of the lump sum bid as security for the payment of all persons performing labor, <br /> furnishing materials or furnishing equipment in connection with the contract . <br /> Requirements as to Surety : The surety or Sureties shall be a company or companies satisfactory <br /> to the County. Any surety shall be required to have a resident agent in the State of Florida and <br /> shall be duly licensed to conduct business therein. The requirement of a Florida resident agent <br /> may be waived by the County if evidence satisfactory to the County is provided that applicable <br /> requirements have been met to permit service of process on a State official under State law . <br /> 6706 -38666\2/5 /04 Page 17 of 59 VRB <br />