Agenda - Council - 06/27/2017 - Laserfiche WebLink

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retained until the Payment BOND and Performance BOND have been executed and approved, after which, it will be returned. A certified check may be used in lieu of a BID BOND. A Performance BOND and a Payment BOND, each in the amount of one hundred percent (100%) of the CONTRACT PRICE, with a corporate surety approved by the OWNER, will be required for the faithful performance of the contract. Attorneys -in -fact who sign BID BONDS or Payment BONDS and Performance BONDS must file with each BOND a certified and effective dated copy of their power of attorney. The party to whom the contract is awarded will be required to execute the AGREEMENT and obtain the Performance BOND and Payment BOND within ten (10) calendar days from the date when NOTICE OF AWARD is delivered to the BIDDER. The NOTICE OF AWARD shall be accompanied by the necessary AGREEMENT and BOND forms. In case of failure of the BIDDER to execute the AGREEMENT, the OWNER may at its option consider the BIDDER in default; in which case the BID BOND accompanying the proposal shall become the property of the OWNER. The OWNER, within ten (10) days of receipt of acceptable Performance BOND, Payment BOND and AGREEMENT signed by the party to whom the AGREEMENT was awarded, shall sign the AGREEMENT and return to such party an executed duplicate of the AGREEMENT. Should the OWNER not execute the AGREEMENT within such period, the BIDDER may give WRITTEN NOTICE to withdraw his signed AGREEMENT. Such notice of withdrawal shall be effective upon receipt of that WRITTEN NOTICE by the OWNER. The NOTICE TO PROCEED shall be issued within ten (10) days of the execution of the AGREEMENT by the OWNER. Should there be reasons why the NOTICE TO PROCEED cannot be issued within such period; the time may be extended by mutual agreement between the OWNER and CONTRACTOR. If the NOTICE TO PROCEED has not been issued within the ten (10) day period or within the period mutually agreed upon, the CONTRACTOR may terminate the AGREEMENT without further liability on the part of either party. The OWNER may make such investigations as he deems necessary to determine the ability of the BIDDER to perform the WORK and the BIDDER shall furnish to the OWNER all such information and data for this purpose as the OWNER may request. The OWNER reserves the right to reject any BID if the evidence submitted by, or investigation of, such BIDDER fails to satisfy the OWNER that such BIDDER is properly qualified to carry out the obligations of the AGREEMENT and to complete the WORK contemplated therein. A conditional or qualified BID will not be accepted. Award will be made to the lowest responsible BIDDER. All applicable laws, ordinances and the rules and regulations of all authorities having jurisdiction over construction of the PROJECT shall apply to the contract throughout. IB 2