Qualification of Surety Sample Clauses

Qualification of Surety. Bid Bonds, Performance/ Payment Bonds over Five Hundred Thousand Dollars ($500,000.00): Each Bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The Surety shall hold a current certificate of authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify, the net retention of the Surety shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, revised September 1, 1978 (31 DFR Section 223.10, Section 223.111). Further, the Surety shall provide City with evidence satisfactory to City, that such excess risk has been protected in an acceptable manner. The City will accept a surety bond from a company with a rating of B+ or better for bonds up to $2 million, provided, however, that if any surety company appears on the watch list that is published quarterly by Intercom of the Office of the Florida Insurance Commissioner, the City shall review and either accept or reject the surety company based on the financial information available to the City. A surety company that is rejected by the City may be substituted by the Bidder or proposer with a surety company acceptable to the City, only if the bid amount does not increase. The following sets forth, in general, the acceptable parameters for Bonds: Policy- Amount of Bond Financial holders Ratings Size Category 500,001 to 1,000,000 B+ Class I 1,000,001 to 2,000,000 B+ Class II 2,000,001 to 5,000,000 A Class ... III 5,000,001 to 10,000,000 A Class ... IV 10,000,001 to 25,000,000 A Class V 25,000,001 to 50,000,000 A Class ... VI 50,000,001 or more A Class .. VII For projects of $500,000.00 or less, City may accept a Bid Bond, Performance Bond and Payment Bond from a Surety which has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued, if the Surety is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid certificate of authority issued by the Unite...
Sample 1See All (7)
AutoNDA by SimpleDocs
Qualification of Surety. 5.1. For all Bid Bonds, Performance Bonds, and Payment Bonds over $500,000.00:
Sample 1Sample 2Sample 3See All (5)
Qualification of Surety. Each Bond shall continue in effect for one year after Final Completion and acceptance of the Work with liability equal to one hundred percent (100%) of the Contract value, or an additional bond shall be conditioned that Design-Build Firm will, upon notification by City, correct any defective or faulty work or materials which appear within one year after Final Completion of the Project(s). The City must be listed as an Obligee. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, as may be amended from time to time, Design-Build Firm shall ensure that the bond(s) referenced above shall be recorded in the public records and provide City with evidence of such recording. The Payment/ Performance Bond shall be in substantially the form provided by Section 255.05, Florida Statutes and be subject to the approval of the Risk Management Director and the City Attorney as to legal form.
Sample 1Sample 2See All (4)
Qualification of Surety. 5.1. Performance Bonds and Payment Bonds over Five Hundred Thousand Dollars ($500,000.00):
Sample 1Sample 2
Qualification of Surety. Each Bond shall continue in effect for one year after Final Completion and acceptance of the Work with liability equal to one hundred percent (100%) of the Contract value, or an additional bond shall be conditioned that Contractor will, upon notification by Town, correct any defective or faulty work or materials which appear within one year after Final Completion of the Project. The Town must be listed as an Obligee. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, as may be amended from time to time, Contractor shall ensure that the bond(s) referenced above shall be recorded in the public records and provide Town with evidence of such recording. Alternate Form of Security: In lieu of a Performance/Payment Bond, Contractor may furnish alternate forms of security, which may be in the form of cash, money order, certified check, cashier's check or an unconditional letter of credit. Such alternate forms of security shall be subject to the prior approval of Town and for same purpose and shall be subject to the same conditions as those applicable above and shall be held by Town for one year after completion and acceptance of the Work.
Sample 1
Qualification of Surety. 5.1. Bid Bonds, Performance Bonds, and Payment Bonds over Five Hundred Thousand Dollars ($500,000.00): BCF 170 (Rev. 6.29.18) Page 17 of 83 RLI/RFP/Contract PNC2119540C1 12/18/2019 12:50 PM p. 96
Sample 1
Qualification of Surety. Bonds shall be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, and having been in business with a record of successful continuous operation for at least five (5) years.
Sample 1
AutoNDA by SimpleDocs
Qualification of Surety. Each Bond shall continue in effect for one year after Final Completion and acceptance of the Work with liability equal to one hundred percent (100%) of the Contract value, or an additional bond shall be conditioned that Design-Build Firm will, upon notification by City, correct any defective or faulty work or materials which appear within one year after Final Completion of the Project(s). The bond shall be subject to the approval of the Risk Manager and shall be substantially in the form prescribed by Section 255.05(3), Florida Statutes. The City must be listed as an Obligee. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, as may be amended from time to time, Design-Build Firm shall ensure that the bond(s) referenced above shall be recorded in the public records and provide City with evidence of such recording.
Sample 1

Related to Qualification of Surety

  • Qualification of the Tenderer 39.1 The Procuring Entity shall determine to its satisfaction whether the Tenderer that is selected as having submitted the lowest evaluated cost and substantially responsive Tender is eligible and meets the qualifying criteria specified in Section III, Evaluation and Qualification Criteria.

  • Required Qualifications for Surety The Contract provides that the surety and insurance companies must be acceptable to the Owner. Only those sureties listed in the Department of Treasury’s Listing of Approved Sureties (Department Circular 570) are acceptable to the Owner. All bonds at the time of issuance must be issued by a company authorized by the Insurance Commissioner to transact the business of suretyship in the State of Georgia, and shall have a Best Policyholders Rating of "A-" or better and with a financial size rating of Class V or larger.

  • Insurer Qualifications, Insurance Requirements Each of the insurance coverages required below (i) shall be issued by a company licensed by the Insurance Commissioner to transact the business of insurance in the State of Georgia for the applicable line of insurance, and (ii) shall be an insurer (or, for qualified self-insureds or group self insureds, a specific excess insurer providing statutory limits) with a Best Policyholders Rating of "A-" or better and with a financial size rating of Class V or larger. Each such policy shall contain the following provisions:

  • Staff Qualifications a) CONTRACTOR shall ensure that all individuals employed, contracted, and/or otherwise hired by CONTRACTOR to provide classroom and/or individualized instruction or related services hold a license, certificate, permit, or other document equivalent to that which staff in a public school are required to hold in the service rendered consistent with Education Code section 56366.1(n)(1) and are qualified pursuant to Title 5 of the California Code of Regulations sections 3064 and 3065.

  • IRO Qualifications The IRO shall:

  • General Qualifications General qualifications commonly required of all candidates for, appointees to, and employees in the classified service such as integrity, honesty, sobriety, dependability, industry, thoroughness, accuracy, good judgment, initiative, resourcefulness, courtesy, ability to work cooperatively with others, good health, and freedom from disabling defects, shall be deemed to be a part of the personal characteristics of the minimum qualifications of each class specification and need not be specifically set forth therein. The Commission may prescribe alternative or additional qualifications for individual classes and such qualifications also shall be deemed to be a part of the specifications for such classes.

  • Required Qualifications At all times during the term of the Contract, Vendor shall have available, under direct employment and supervision and/or subcontract agreement fully incorporating the terms and conditions of the Contract Documents, the required qualified and properly licensed (as applicable) personnel to properly fulfill all the terms and conditions of the Contract.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!