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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 ten (10) 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 . Per & 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 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 . Requirements as to Surety: The surety or Sureties shall be a company or companies satisfactory to the County . Any surety shall be required to have a resident agent in the State of Florida and shall be duly licensed to conduct business therein . The requirement of a Florida resident agent may be waived by the County if evidence satisfactory to the County is provided that applicable requirements have been met to permit service of process on a State official under State law . Insurance : • Owners and Subcontractors Insurance : The contractor shall not commence work until they have obtained all the insurance required under this section , and until such insurance has been approved by the owner, nor shall the contractor allow any subcontractor to commence work until the subcontractor has obtained the insurance required for a contractor herein and such insurance has been approved unless the subcontractor' s work us covered by the protections afforded by the contractor ' s insurance . • Worker 's Compensation Insurance : The contractor shall procure and maintain worker' s compensation insurance to the extent required by law for all their employees to be engaged in work under this contract . In case any employees are to be engaged in hazardous work under this contract and are not protected under the worker' s compensation statute , the contractor shall provide adequate coverage for the protection of such employees . • Public Liability Insurance : The contractor shall procure and maintain broad form commercial general liability insurance (including contractual coverage) and commercial automobile liability insurance in amounts not less than shown below . The owner shall be an additional named insured on this insurance on this insurance with respect to all claims arising out of the operations or work to be performed. Commercial General COMMERCIAL GENERAL (PUBLIC) LIABILITY, A. Premises / Operations OTHER THAN AUTOMOBILE B . Independent Contractors C . Products / Completed Operations $ 1 ,0009000.00 COMBINED SINGLE LIMIT FOR D . Personal Injury BODILY INJURY AND PROPERTY DAMAGE E . Contractual Liability F. Explosion, Collapses , and Underground Property Damage Page 7 of 37