R2018-138 Resolution Accepting the Bid and Authorizing the Execution of a Contract with Homer Tree Care, Inc. for Removal of Trees on City Property

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046 BID BONDS/DEPOSITS Each bid must be accompanied by a bid bond or deposit amounting to five percent (5%) of the total bid. Bid deposits are in the form of a Bank Cashiers Check, Certified Check, or Bid Bond made payable to the City of Decatur. Unsnccessful bidders will have their deposits returned within ten (10) days, after either the con- tract is awarded or the purchase order is accepted by the successful bidder. If the successful bidder fails to deliver as indica.ted 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 PERFOR:MANCE 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 annualiy. Performance bonds are equal to one hundred percent ( 100%) of the total amount of the bids for each year of the contract.. Performance bonds will be for:feited to the City of Decatur should the successful bidder fail to comply with the terms and conditions established in the specifications and the award. Performance bonds will be held until all contractual obligatzans axe met to the satisfaction of the City of Decatur. In a bid where a Bid Bond and a Performance Bond are required, the Ciiy of Decatur will reiurn the Bid Band upon receiving the Performance Bond. Under no circumstances shall trie successful bidder start work until he/she has supplied the City of Decatur a Perfor.mance Bond. If the successful bidder fails to supply a Performance Bond as specified in the bid, the Ciiy shall be entitled to retain the bid deposits to remedy the bidder`s unacceptable performance. -12-