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<br />duly authorized and admitted to do business in the state of Texas and licensed to issue such bond in <br />the state of Texas. <br /> <br />B. The Contractor shall post with Owner, within five (5) days of Owner's award of contract, a Payment <br />Bond in the amount of one hundred percent (100%) of the total contract price in such form as is <br />deemed satisfactory by Owner. This bond shall be executed by a corporate surety company duly <br />authorized and admitted to do business in the state of Texas and licensed to issue such bond in the <br />state of Texas. <br /> <br />C. In addition to the above requirements, the surety on such bonds must also: <br /> <br />1. hold a certificate of authority from the United States Secretary of the Treasury to qualify as <br />a surety on obligations permitted or required under federal law; or <br /> <br />2. have obtained reinsurance for any liability in excess of $100,000.00 from a reinsurer that is <br />authorized and admitted as a reinsurer in Texas and is the holder of a certificate of authority <br />from the United States Secretary of the Treasury to qualify as a surety or reinsurer on <br />obligations permitted or required under federal law. <br /> <br />In determining whether the surety on the bond or the reinsurer holds a certificate of authority from the <br />United States Secretary of the Treasury, Owner may conclusively rely on the list of companies holding <br />certificates of authority as acceptable sureties on federal bonds and as acceptable reinsuring companies <br />published in the Federal Register by the United States Department of the Treasury covering the date <br />on which the bond was executed. <br /> <br />D. The Contractor must file, along with the Performance Bond and Payment Bond, all documents and <br />information necessary to establish that the agent signing the bond is authorized to write the bond in <br />the amount requested and, if applicable, that reinsurance requirements have been met, including limits <br />and ratings or other evidence of company solvency. <br /> <br />E. If the corporate surety company on any bond furnished by the Contractor to Owner is declared <br />bankrupt or becomes insolvent or such corporate surety company's right to do business in the state of <br />Texas is revoked, then the Contractor shall within five (5) days thereafter substitute another bond and <br />corporate surety company, both of which must be deemed acceptable by Owner. <br /> <br />1.12 FILING PROPOSAL <br /> <br />A. No proposal will be considered unless it is filed with Owner within the time limit for receiving <br />proposals as stated in the Request for Competitive Sealed Proposals. Each proposal shall be in a sealed <br />envelope plainly marked as designated in the Request for Competitive Sealed Proposals. <br /> <br />1.13 MODIFICATION AND WITHDRAWAL OF PROPOSAL <br /> <br />A. No proposal may be withdrawn or modified after the proposal opening except where the award of the <br />contract has been delayed beyond ninety (90) days after date of proposal. <br /> <br />1.14 IRREGULAR PROPOSAL <br /> <br />A. Proposals will not be considered if they show any omissions, alterations of form, additions, conditions <br />not requested, unauthorized alternate proposals, or irregularities of any kind. However, Owner reserves <br />the right to waive any irregularities and to make the award in the best interest of Owner. <br /> <br />-8- <br />