Common use of Bonds Clause in Contracts

Bonds. (1) In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of construction, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions: (a) The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) The Surety Company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d) The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) If the Contract Award Amount exceeds $500,000.00, the Surety Company shall also comply with the following provisions: 1. The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- CLASS V 5,000,000 TO 10,000,000 A- CLASS VI 10,000,000 TO 25,000,000 A- CLASS VII 25,000,000 TO 50,000,000 A- CLASS VIII 50,000,000 TO 100,000,000 A- CLASS IX 2. The Surety Company shall not expose itself to any loss on any one risk in a amount exceeding ten (10) percent of its surplus to policyholders, provided: (a) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b) In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. A. Within ten (110) In accordance with business days after the provisions GMP is agreed to by Owner and Construction Contractor and before any portion of Section 255.05, Florida Statutes prior to commencement of construction, the Construction Manager Phase Work to be covered by such bonds is commenced, Construction Contractor shall provide to the Owner, on forms furnished by the Owner, Owner with a 100% Performance Bond and a 100% Labor and Material Payment Bond each (together, the “Bonds”), in an the form prescribed in Exhibits C and D, in the amount not less than of one hundred percent (100%) of the total construction cost as defined in Article 9 and inclusive sum of the GMP, the costs of which are to be paid by Construction Manager’s feesContractor and reimbursed in accordance with Subsection 5.A.5.(a). These bonds shall continue in effect for one (1) year after completion The Performance and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Payment Bonds and Labor and Material Payment Bonds, a Surety Company shall must comply with the following provisionsprovisions and must be otherwise acceptable to Owner, in its sole discretion: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the Contract Award Amount GMP exceeds Five Hundred Thousand and No/100 ($500,000.00), the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten percent (10%) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing carrier, provided authorization or approval by the State of Florida, Department of Insurance to do business in this state State have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-co- surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s prior written approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, within five (5) days after Owner’s written approval of the Bonds and before commencing the Construction Phase Work, Construction Contractor shall record in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver to Owner certified copies of the recorded Bonds within ten (10) days of recording of the Bonds but, in any event, before commencing the Construction Phase Work. The proper recording and delivery of such Bonds are conditions precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. A. Within ten (110) In accordance with business days after the provisions GMP is agreed to by Owner and Construction Contractor and before any portion of Section 255.05, Florida Statutes prior to commencement of construction, the Construction Manager Phase Work to be covered by such bonds is commenced, Construction Contractor shall provide to the Owner, on forms furnished by the Owner, Owner with a 100% Performance Bond and a 100% Labor and Material Payment Bond each (together, the “Bonds”), in an the form prescribed in Exhibits C and D, in the amount not less than of one hundred percent (100%) of the total construction cost as defined in Article 9 and inclusive sum of the GMP, the costs of which are to be paid by Construction Manager’s feesContractor and reimbursed in accordance with Subsection 5.A.5.(a). These bonds shall continue in effect for one (1) year after completion The Performance and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Payment Bonds and Labor and Material Payment Bonds, a Surety Company shall must comply with the following provisionsprovisions and must be otherwise acceptable to Owner, in its sole discretion: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the Contract Award Amount GMP exceeds Five Hundred Thousand and No/100 ($500,000.00), the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten percent (10%) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing carrier, provided authorization or approval by the State of Florida, Department of Insurance to do business in this state State have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-co- surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s prior written approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, within five (5) days after Owner’s written approval of the Bonds and before commencing the Construction Phase Work, Construction Contractor shall record in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver to Owner certified copies of the recorded Bonds within ten (10) days of recording of the Bonds but, in any event, before commencing the Construction Phase Work. The proper recording and delivery of such Bonds are conditions precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. A. Within five (15) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Manager, Florida Statutes prior to commencement of construction, the Construction Manager shall provide to Owner with Performance and Payment Bonds, in the Ownerform prescribed in Exhibit C, on forms furnished by in the Owner, a amount of 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than of the total construction cost as defined in Article 9 and inclusive sum of the Construction Management Fee and the GMP, the costs of which are to be paid by Construction Manager’s fees. These bonds The Performance and Payment Bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bondsunderwritten by a surety, a Surety Company shall must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company shall have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. If the Contract Award Amount exceeds $500,000.00, the Surety Company shall also comply with the following provisions: 1. (a) The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s ' s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICY HOLDER' S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. (b) The Surety Company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. Subcontracts over $100,000 will be bonded in a form acceptable to Owner. The Owner shall be identified as an obligee. The Subcontractor Bonds will be acceptable to the Owner only if the following conditions are met: the Surety Company (i) is licensed to do business in the state of Florida; (ii) holds a Certificate of Authority authorizing it to write surety bonds in this state; (iii) has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued; (iv) is otherwise in compliance with the provisions of the Florida Insurance Code; (v) holds a currently valid Certificate of Authority issued by the United States Department of Treasury under 31 U.S.C. §§9304-9308. C. If the surety for any bond furnished by Construction Manager is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Manager shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to Owner' s approval.

Bonds. (1) 11.3.1 The Owner shall have the right to require the Construction Manager to furnish bonds covering faithful performance of the Contract and payment of obligations arising there- under as stipulated in bidding requirements or specifically required in the Contract Documents on the date of approval for a Project’s GMP Proposal. 11.3.2 Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under this Agreement Contract, the Construction Manager shall promptly furnish a copy of the bonds to the Executive Vice President and CFO. 11.3.3 In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of constructionStatutes, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 the approved GMP Proposal and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. Fees. 11.3.4 To be acceptable to the School District of Palm Beach County Owner as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions: (a) 11.3.4.1 The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 11.3.4.2 The Surety Company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 11.3.4.3 The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 11.3.4.4 The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation GMP Proposal is delivered to bid is issuedthe Owner. (e) 11.3.4.5 If the Contract Award Amount exceeds $500,000.00, 500,000 the Surety Company shall also have a policy Holder Rating of “A” or better and a Financial Rating of Class IV or better. The Surety shall provide a letter on company letterhead stating that they have the above ratings to comply with the following provisions:provisions of this sub-section. 1. The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- CLASS V 5,000,000 TO 10,000,000 A- CLASS VI 10,000,000 TO 25,000,000 A- CLASS VII 25,000,000 TO 50,000,000 A- CLASS VIII 50,000,000 TO 100,000,000 A- CLASS IX 2. 11.3.5 The Surety Company shall not expose itself to any loss on of any one risk in a the amount exceeding ten (10) percent of its surplus to policyholders, provided: (a) 11.3.5.1 Any risk or portion of or any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance Insurance, to do business in this state state, have been met. (b) 11.3.5.2 In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. A. Within ten (110) In accordance with business days after the provisions GMP is agreed to by Owner and Construction Contractor and before any portion of Section 255.05, Florida Statutes prior to commencement of construction, the Construction Manager Phase Work to be covered by such bonds is commenced, Construction Contractor shall provide to the Owner, on forms furnished by the Owner, Owner with a 100% Performance Bond and a 100% Labor and Material Payment Bond each (together, the “Bonds”), in an the form prescribed in Exhibits C and D, in the amount not less than of one hundred percent (100%) of the total construction cost as defined in Article 9 and inclusive sum of the GMP, the costs of which are to be paid by Construction Manager’s feesContractor. These bonds shall continue in effect for one (1) year after completion The Performance and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Payment Bonds and Labor and Material Payment Bonds, a Surety Company shall must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the Contract Award Amount GMP exceeds Five Hundred Thousand and No/100 Dollars ($500,000.00), the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten percent (10%) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state State have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-co- surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, within five (5) days after Owner’s written approval of the Bonds and before commencing the Construction Phase Work, Construction Contractor shall record in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver to Owner certified copies of the recorded Bonds within ten (10) days of recording of the Bonds but, in any event, before commencing the Construction Phase Work. The proper recording and delivery of such Bonds are conditions precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. A. Within ten (110) In accordance with business days after the provisions GMP is agreed to by Owner and Construction Contractor and before any portion of Section 255.05, Florida Statutes prior to commencement of construction, the Construction Manager Phase Work to be covered by such bonds is commenced, Construction Contractor shall provide to the Owner, on forms furnished by the Owner, Owner with a 100% Performance Bond and a Payment Bond (together, the “Bonds”), in the form prescribed in Exhibits C and D, in the amount of 100% Labor and Material Payment Bond each in an amount not less than of the total construction cost as defined in Article 9 and inclusive sum of the GMP, the costs of which are to be paid by Construction Manager’s feesContractor. These bonds shall continue in effect for one (1) year after completion The Performance and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Payment Bonds and Labor and Material Payment Bonds, a Surety Company shall must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state State have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, within five (5) days after Owner’s written approval of the Bonds and before commencing the Construction Phase Work, Construction Contractor shall record in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver to Owner certified copies of the recorded Bonds within ten (10) days of recording of the Bonds but, in any event, before commencing the Construction Phase Work. The proper recording and delivery of such Bonds are conditions precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. A. Within five (15) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Manager, Florida Statutes prior to commencement of construction, the Construction Manager shall provide to Owner with Performance and Payment Bonds, in the Ownerform prescribed in Exhibit C, on forms furnished by in the Owner, a amount of 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than of the total construction cost as defined in Article 9 and inclusive sum of the Construction Management Fee and the GMP, the costs of which are to be paid by Construction Manager’s fees. These bonds The Performance and Payment Bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bondsunderwritten by a surety, a Surety Company shall must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company shall have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. If the Contract Award Amount exceeds $500,000.00, the Surety Company shall also comply with the following provisions: 1. (a) The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s ' s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICY HOLDER' S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. (b) The Surety Company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. Subcontracts over $100,000 will be bonded in a form acceptable to Owner. The Owner shall be identified as an obligee. The Subcontractor Bonds will be acceptable to the Owner only if the following conditions are met: the Surety Company (i) is licensed to do business in the state of Florida; (ii) holds a Certificate of Authority authorizing it to write surety bonds in this state; (iii) has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued; (iv) is otherwise in compliance with the provisions of the Florida Insurance Code; (v) holds a currently valid Certificate of Authority issued by the United States Department of Treasury under 31 C. If the surety for any bond furnished by Construction Manager is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Manager shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to Owner' s approval.

Bonds. A. Within ten (110) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Contractor, Florida Statutes prior to commencement of construction, the Construction Manager Contractor shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall in the form prescribed in Exhibits C and D, in the amount of 100% of the total sum of the GMP, the costs of which are to be paid by Construction Contractor. The Performance and Payment Bonds must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, Construction Contractor shall record within 5 days in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver within 10 days to Owner evidence, reasonably acceptable to Owner, of the recording of said Xxxxx. The delivery of such evidence is a condition precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. (1) In accordance A. Unless expressly waived in the applicable Work Authorization, within ten business days after the issuance of any Work Authorization directing Construction Contract to proceed with the provisions Construction Phase Services as to any portion of Section 255.05a Project, Florida Statutes prior to commencement of construction, the Construction Manager Contractor shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall in the form prescribed in Exhibits C and D, in the amount of 100% of the total Contract Amount for such Work, the costs of said bonds to be paid by Construction Contractor. The Performance and Payment Bonds must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the applicable Contract Award Amount exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, Construction Contractor shall record within 5 days in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver within 10 days to Owner evidence, reasonably acceptable to Owner, of the recording of said bonds. The delivery of such evidence is a condition precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. A. Within ten (110) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Manager, Florida Statutes prior to commencement of construction, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall in the form prescribed in Exhibits C and D, in the amount of 100% of the total sum of the GMP, the costs of which are to be paid by Construction Manager. The Performance and Payment Bonds must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Pinellas County, Florida. 6. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : $500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Manager is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Manager shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, Construction Manager shall record within 5 days in the Public Records of Pinellas County, Florida, a copy of the Performance and Payment Bonds. Construction Manager shall deliver within 10 days to Owner evidence, reasonably acceptable to Owner, of the recording of said Xxxxx. The delivery of such evidence is a condition precedent to Owner’s obligation to make any progress payments to Construction Manager hereunder.

Bonds. A. Within ten (110) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Contractor, Florida Statutes prior to commencement of construction, the Construction Manager Contractor shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall in the form prescribed in Exhibits C and D, in the amount of 100% of the total sum of the GMP, the costs of which are to be paid by Construction Contractor. The Performance and Payment Bonds must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. 6. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. (1) In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of constructionStatutes, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, Owner a 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than equal to the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s 's fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County Owner as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions:: In case of default on the part of the contractor, all expenses incident to ascertaining and collecting losses under the bond, including both architectural and legal services, shall lie against the bond. (a) 1. The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. If the Contract Award Amount exceeds $500,000.00500,000, the Surety Company shall also comply with the following provisions: 1. A. The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s 's Key Rating Guide. UP POLICY REQUIRED HOLDER'S FINANCIAL CONTRACT AMOUNT RATING RATING $ 500,000 TO 1,000,000 A- CLASS I 1,000,000 TO 2,000,000 A- CLASS II 2,000,000 TO 5,000,000 A- CLASS V III 5,000,000 TO 10,000,000 A- CLASS VI IV 10,000,000 TO 25,000,000 A- CLASS VII V 25,000,000 TO 50,000,000 A- CLASS VIII VI 50,000,000 TO 100,000,000 A- CLASS IXVII 2. B. The Surety Company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b) In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. ‌ A. Within ten (110) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Manager, Florida Statutes prior to commencement of construction, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company in the form prescribed in Exhibits C and D, in the amount of 100% of the total sum of the GMP, the costs of which are to be paid by Construction Manager. The Project Manager shall require that Performance and Payment Bonds must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in Collier County, Florida. 6. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company Project Manager shall require that the surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-co- surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of B. If the surety for any bond furnished by Construction Manager is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Manager shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, Construction Manager shall record within 5 days in the Public Records of City of Naples, Florida, a copy of the surety Performance and Payment Bonds. Construction Manager shall be deducteddeliver within 10 days to Owner evidence, reasonably acceptable to Owner, of the recording of said Xxxxx. The delivery of such evidence is a condition precedent to Owner’s obligation to make any progress payments to Construction Manager hereunder.

Bonds. (1) In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of constructionStatutes, the Construction Manager Contractor shall provide to the Owner, on forms furnished by the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 7 and inclusive of the Construction Manager’s Contractor's fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County Owner as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions: (a1) The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Florida, Department of InsuranceFinancial Services, Office of Insurance Regulation, authorizing it to write surety bonds in the State of Florida. (b2) The Surety Company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c3) The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d4) The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e5) If the Contract Award Amount exceeds $500,000.00500,000, the Surety Company shall also comply with the following provisions: 1. (A) The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s 's Key Rating Guide. UP $500,000 TO $1,000,000 A- CLASS I $1,000,000 TO $2,000,000 A- CLASS II $2,000,000 TO $5,000,000 A- CLASS V III $5,000,000 TO $10,000,000 A- CLASS VI IV $10,000,000 TO $25,000,000 A- CLASS VII V $25,000,000 TO $50,000,000 A- CLASS VIII VI $50,000,000 TO $100,000,000 A- CLASS IXVII 2. (B) The Surety Company shall not expose itself to any loss on any one risk in a an amount exceeding ten percent (10%) percent of its surplus to policyholders, provided: (a) 1. Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Financial Services, Office of Insurance Regulation to do business in this state have been met. (b) 2. In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. ‌ A. Within ten (110) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Construction Contractor, Florida Statutes prior to commencement of construction, the Construction Manager Contractor shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall in the form prescribed in Exhibits C and D, in the amount of 100% of the total sum of the GMP, the costs of which are to be paid by Construction Contractor. The Performance and Payment Bonds must comply with the following provisionsprovisions and must be otherwise acceptable to Owner: (a) 1. The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) 2. The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) 3. The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) 4. The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) 5. The Bonds must be fully performable in Florida, with service and venue in POLK County, Florida. 6. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. a. The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IXIX 50,000,000 to 75,000,000 A CLASS X 2. b. The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a1) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b2) In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted. B. If the surety for any bond furnished by Construction Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Construction Contractor shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. C. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, Construction Contractor shall record within 5 days in the Public Records of POLK County, Florida, a copy of the Performance and Payment Bonds. Construction Contractor shall deliver within 10 days to Owner evidence, reasonably acceptable to Owner, of the recording of said Xxxxx. The delivery of such evidence is a condition precedent to Owner’s obligation to make any progress payments to Construction Contractor hereunder.

Bonds. (1) In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of constructionStatutes, the Construction Manager Contractor shall provide to the Owner, on forms furnished by the Owner, a one hundred percent (100% %) unconditional Performance Bond and a one hundred percent (100% %) unconditional Labor and Material Payment Bond each in an amount not less than the total construction cost Cost of the Project as defined in Article 9 and inclusive of the Construction Manager’s Contractor's fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District Department of Palm Beach County Management Services as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions: (a1) The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Florida, Department of InsuranceFinancial Services, Office of Insurance Regulation, authorizing it to write surety bonds in the State of Florida. (b2) The Surety Company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c3) The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d4) The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e5) If the Contract Award Amount exceeds $500,000.00500,000, the Surety Company shall also comply with the following provisions: 1. (a) The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s 's Key Rating Guide. UP CONTRACT AMOUNT POLICYHOLDER'S RATING REQUIRED FINANCIAL RATING $500,000 TO $1,000,000 A- CLASS I $1,000,000 TO $2,000,000 A- CLASS II $2,000,000 TO $5,000,000 A- CLASS V III $5,000,000 TO $10,000,000 A- CLASS VI IV $10,000,000 TO $25,000,000 A- CLASS VII V $25,000,000 TO $50,000,000 A- CLASS VIII VI $50,000,000 TO $100,000,000 A- CLASS VII $100,000,000 TO $250,000,000 A- CLASS VIII $250,000,000 TO $500,000,000 A- CLASS IX 2. (b) The Surety Company shall not expose itself to any loss on any one risk in a an amount exceeding ten percent (10%) percent of its surplus to policyholders, provided: (a) 1. Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Financial Services, Office of Insurance Regulation to do business in this state have been met. (b) 2. In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. (1) In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of construction, the The Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond Bond, each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s 's fees, The Bonds utilized for this project shall be provided and issued on the forms included herein. These bonds shall continue in effect for one No qualification or modification to the Bond forms are permitted. (1a) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County Jacksonville Aviation Authority as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions: (a) i. The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) ii. The Surety Company shall have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) iii. The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. (d) iv. The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. (e) v. If the Contract Award Amount exceeds $500,000.00500,000, the Surety Company shall also comply with the following provisions: 1. : • The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s 's Key Rating Guide. UP : CONTRACT AMOUNT POLICY HOLDER’S RATING REQUIRED FINANCIAL RATING $500,000 TO $1,000,000 A- CLASS I $1,000,000 TO $5,000,000 A- CLASS V II $5,000,000 TO $10,000,000 A- CLASS VI III $10,000,000 TO $25,000,000 A- CLASS VII IV $25,000,000 TO $50,000,000 A- CLASS VIII V $50,000,000 TO $100,000,000 A- CLASS IXVI 2. (b) The Surety Company shall not expose itself to any loss on any one anyone risk in a an amount exceeding ten (10l0) percent of its surplus to policyholders, provided: (a) i. Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing provided authorization or approval by the State of Florida, Department of Insurance Insurance, to do business in this state have been met. (b) ii. In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.

Bonds. Within ten (110) In accordance with business days after the provisions of Section 255.05GMP is agreed to by Owner and Design Builder, Florida Statutes prior to commencement of construction, the Construction Manager Design Builder shall provide to the Owner, on forms furnished by the Owner, a 100% Owner with Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall in the form prescribed in Exhibits C and D, in the amount of 100% of the total sum of the GMP, the costs of which are to be paid by Design Builder. The Performance and Payment Bonds must comply with the following provisions: (a) provisions and must be otherwise acceptable to Owner: The Surety Company shall have Bonds must be underwritten by a surety company which has a currently valid Certificate of Authority, Authority issued by the State of Florida Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. (b) . The Surety Company surety company shall have currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. (c) . The Surety Company surety company shall be in full compliance with the provisions of the Florida Insurance Code. (d) . The Surety Company surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid this Agreement is issued. (e) executed. The Bonds must be fully performable in Florida, with service and venue in Orange County, Florida. If the Contract Award Amount GMP exceeds $500,000.00, the Surety Company surety company shall also comply with the following provisions: 1. : The Surety Company surety company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- : CONTRACT POLICYHOLDER’S RATING REQUIRED FINANCIAL RATING $ 500,000 to 1,000,000 A CLASS IV 1,000,000 to 2,500,000 A CLASS V 2,500,000 to 5,000,000 TO 10,000,000 A- A CLASS VI 5,000,000 to 10,000,000 TO 25,000,000 A- A CLASS VII 10,000,000 to 25,000,000 TO 50,000,000 A- A CLASS VIII 25,000,000 to 50,000,000 TO 100,000,000 A- A CLASS IX 2. IX 50,000,000 to 75,000,000 A CLASS X The Surety Company surety company shall not expose itself to any loss on any one risk in a an amount exceeding ten (10) percent of its surplus to policyholders, provided: (a) : Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met. (b) . In the case of the a surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security surety deposited, pledged or held subject to the consent of the surety and for the protection of the surety shall be deducted.. If the surety for any bond furnished by Design Builder is declared bankrupt, becomes insolvent, its right to do business is terminated in the State of Florida, or it ceases to meet the requirements imposed by the Contract Documents, Design Builder shall, within five (5) calendar days thereafter, substitute another bond and surety, both of which shall be subject to the minimum requirements noted above and Owner’s approval. The cost of any such replacement bond shall be paid by Design Builder. In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, Design Builder shall record within five (5) days in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds. Design Builder shall deliver within ten (10) days to Owner evidence, reasonably acceptable to Owner, of the recording of said Xxxxx. The delivery of such evidence is a condition precedent to Owner’s obligation to make any progress payments to Design Builder hereunder. Contract Time and Liquidated Damages