Cost of Bond. In accordance with the provisions of Section 255.05, Florida Statutes, the Construction Manager shall provide to the Owner, on forms approved by the Owner, a one hundred percent (100%) Performance Bond and a one hundred percent (100%) Labor and Material Payment Bond each in an amount not less than the GMP, less the General Conditions Fee and the Pre-construction Phase Fee. The Construction Manager shall ensure that the surety is rated as A or better by Best's key guide, latest edition and that the surety meets all other requirements set forth in the General Conditions and section 255.05. On all subcontracts where the bid exceeds Three Hundred Thousand ($300,000.00) Dollars, the Construction Manager may request for the Owner’s consideration and approval, that the subcontractor provide a one hundred percent (100%) performance bond and a one hundred percent (100%) labor and material payment bond or other acceptable security from a surety company authorized to do business in the State of Florida by the Department of Insurance.
Appears in 16 contracts
Samples: Construction Management Agreement, Construction Management Agreement, Construction Management Agreement