SEPTEMBER 26, 2023 at 12 noon local time PERFORMANCE BOND/IRRECOVABLE LETTER OF CREDIT: If a performance bond or irrevocable letter of
credit is required in the Special Conditions, the Contractor shall within fifteen (15) working days after notification of
award, furnish to the Tohoa performance bond or an unconditional irrevocable letter of credit payable to the Toho W ater
Authority, Florida in the face amount specified in the Special Conditions as surety for faithful performance under the terms
and conditions of the contract. If the bond is on an annual coverage basis, renewal for each succeeding year shall be
submitted to Toho thirty (30) days prior to the termination date of the existing performance bond. The performance bond
must be executed by a surety company of recognized standing, authorized to do business in the State of Florida and having
a resident agent. If a letter of credit is chosen, it must be in a form acceptable to Toho, drawn on a local bank acceptable to
the Toho and issued in favor of the Toho. If the Bidder or Offeror wishes to use a non-local bank, he must have prior Toho
approval of the requirements to draw against the letter of credit.
5.2 BID SURETY: If Special Conditions require a bid security, it shall be submitted in the amount stated. A bid security can
be in the form of a bid bond, postal money order, cashier's check, or irrevocable letter of credit. Bid security will be
returned to the unsuccessful Bidders or Offerors as soon as practicable after opening of Bid or Proposals. Bid security will
be returned to the successful Bidder orOfferor after acceptance of the performance bond or irrevocable letter of credit, if
required; acceptance of insurance coverage, if required; and full execution of contract documents, if required; or conditions
as stated in the Special Conditions.
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