R2018-115 Resolution Accepting the Bid and Authorizing the Execution of a Contract with Christy-Foltz Inc. fo Fire Station 5 Construction Contract

Home Browse Search

046 BID BONDS/DEPOSITS Each bid must be accompanied by a bid bond or deposit amounting to f ive percent (5%)of the total bid. Bid deposits are in the form of a Bank Cashiers Check, Certi- fied Check, or Bid Bond made payable to the City of Decatur. Unsuccessful bidders will have their deposits returned within ten(10)days, after either the contract is awarded or the purchase order is accepted by the successful bidder. If the successful bidder fails to deliver as indicated in the Invitation to Bid, does not enter into the contract or fails to accept the purchase order,the City of Decatur shall be entitled to retain the deposit to rectify the bidders unacceptable performance. In other words the bid deposit will be forfeited to the City. 047 PERFORMANCE BOND The successful bidder shall furnish an annual performance bond in connection with the contract to protect the City of Decatur from loss due to the bidders inability to complete the agreed upon contract annually. Performance bonds are equal to one hundred percent(100%)of the total amount of the bids for each year of the con- tract.. Performance bonds will be forfeited to the City of Decatur should the suc- cessful bidder fail to comply with the terms and conditions established in the speci- fications and the award. Performance bonds will be held until all contractual obliga- tions are met to the satisfaction of the City of Decatur. In a bid where a Bid Bond and a Performance Bond are required,the City of Deca- tur will return the Bid Bond upon receiving the Performance Bond. Under no cir- cumstances shall the successful bidder start work until he/she has supplied the City of Decatur a Performance Bond. If the successful bidder fails to supply a Perfor- mance Bond as specified in the bid,the City shall be entitled to retain the bid depos- its to remedy the bidder's unacceptable performance.