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More than one Bid for the same Work from all individual or entity under the same or different <br /> names will not be considered.Reasonable grounds for believing that any Bidder has an interest in <br /> more than one Bid for the same Work may be cause for disqualification of the Bidder and the <br /> rej ect ion o f all B id s in which that B id d er has an int ere st. <br /> If the Contract is awarded,the City will acknowledge the Award by the Notice of Award indicating <br /> the Successful Bidder and the amount of the Award. <br /> 16. CONTRACT BONDS AND INSURANCE <br /> The Successful Bidder,at the time of the execution of the Contract, will furnish and at all times <br /> maintain satisfactory and sufficient Performance Bond and Payment Bond,both in the amount of <br /> one hundred percent(100%) of the Contract Price, as required by the law with a Corporate Surety <br /> approved by the Owner,in favor of the City.The form of bonds is that required by Statue.Personal <br /> surety will not be approved. <br /> Attorneys-in-fact who sign Bid Bonds or Payment Bonds and Performance Bonds must file with <br /> each Bond a certified and effective dated copy of their power of attorney. <br /> A Successful Bidder,at the time of the execution of the Contract, will furnish Proof of Insurance <br /> with insurance Certificates evidencing that the insurance is in force as required by the General <br /> Conditions. <br /> When the Successful Bidder delivers the executed Agreement to the City,it must be accompanied <br /> by such Contract Bonds and Proof of Insurance. <br /> 17. FAILURE TO EXECUTE CONTRACT <br /> If the Contract is awarded,the City will deliver an unsigned Contract to the Successful Bidder for <br /> execution along with the Notice of Award.Failure to execute the Contract, and deliver it back to <br /> the City within ten (10) calendar days of receiving the unsigned Contract or failure to furnish the <br /> Contract Bonds in separate sums both equal to the amount of the Award and Proof of Insurance <br /> within said ten(10) day period,will be just cause for annulment of the Award.It will be understood <br /> by the successful Bidder that in the event of the annulment of the Award,the amount of the Bid <br /> Security accompanying the Proposal will be retained by the City,not as penalty, but as liquidated <br /> damages. <br /> IB5 <br />