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DLA005-87-B-0017 Page 2q of 78 I-14. MINDW INSURANCE REQUEUMNIS: The minimum insurance requirements prescr F 7clause 52.228-5, Insurance -- Work on a Government Installation, (see paragraph I-lcb in this section) and applicable to this contract are prescribed below: TYPE MINT" LTABILITy m1X NTS Workers' Compensation and $100,000 Employer's Liability Comprehensive Form of General $500,000 per occurrence Liability for Bodily Injury Comprehensive Form of Automo- $200,000 per person and bile Liability $500,000 per occurrence for bodily injury and $20,000 per occurrence for property damage- 1-15. BID G ARANrEE AMCA,W: When the following "PERFORMANCE AND P YHOW c ause applies, each bidder shall submit with the bid a bid guarantee with good and sufficient surety or sureties acceptable to the contracting officer in the amount of 20 percent of the bid price or $3,000, 00 0 , whichever is less. The bid guarantee may be expressed in terms of either a percentage of the bid price or in dollars and cents. The bid guarantee must not be dated or executed later than the bid opening date. The bid guarantee shall be submitted on a Standard Form 24, Bid Bond. I-16. PERFORMANCE AND PAYMENT' BCN S: This clause is applicable when the toral contract price will exceed $25,000. Prior to commencement of contract performance and within ten days after the bidder receives either a written Notice of Award or a con- tract signed by the contracting officer, whichever is received first, the bidder shall submit a Standard Form 25, Performance Bond, and a Standard Form 25-A, Payment Bond, each with good and sufficient surety or sureties acceptable to the contract- ing officer. The penal sums shall be as follows: Performance Bond: 100 percent of the contract price. Payment Bond: 50 percent of the contract price if the contract price is not more than $1 million; 40 percent of the contract price if the contract price is more than $1 million but not more than $5 million; or 2 1/2 million if the contract price is more than $5 million.