Laserfiche WebLink
B/2 <br />7. <br />Bid, provided his bid is reasonable and it is to the interest of <br />the City to accept it. The bidder to whom the award is made will <br />be notified at the earliest practicable date. The City, however, �, <br />reserves the right to reject any and all bids and to waive any <br />informality in bids received whenever such rejection or waiver is <br />in the interest of the City. <br />Performance and Payment Bond, Execution of Contract. <br />a. Subsequent to the award and within fifteen days after the <br />prescribed forms are presented for signature, the successful <br />bidder shall execute and deliver to the City a contract in <br />the form included in the Specifications in such number of <br />counterparts as the City may require. Separate contract <br />forms, in lieu of those found in the Specifications, shall be <br />used for the purpose. Evidence of required insurance coverage <br />shall also be submitted within fifteen days after receipt of <br />request from the City. <br />b. Having satisfied all conditions of award as set forth else- <br />where in these documents, the successful bidder shall, within <br />the period specified in 7 a. above, furnish a performance and... <br />payment bond in a penal sum of at least the full amount of the <br />amount of the contract as awarded, as security for the faith <br />f ul performance of the contract, and for the payment of all <br />persons, firms or corporations to whom the Contractor may <br />become legally indebted for labor, materials, tools, equip- <br />ment or services, of any nature, employed or used by him in <br />performing the work. Such bond shall be in the form of a <br />bond included in the Specifications and shall bear the same <br />date as, or a date subsequent to, the date of the contract. <br />c. On each such bond the rate of premium shall be stated, together <br />with the total amount of the premium charged. The current <br />power of attorney for the person who signs for any surety <br />company shall be attached to such bond. <br />d. The failure of the successful bidder to execute such contract, <br />to provide evidence of proper insurance and to supply the <br />required bonds within fifteen days after the prescribed forms <br />are presented for signature, or within such extended period as <br />the City may grant based upon reasons determined adequate by <br />the City shall constitute a default, and the City may either <br />award the contract to the next responsible bidder or readvertise <br />for bids, and may charge against the bidder the difference <br />between the amount of the bid and the amount for which a <br />contract. for the work is subsequently executed, irrespective <br />of whether the amount thus due exceeds the amount of the bid <br />guaranty. <br />I..W <br />