10-B Police & Cts Rej Bids - Laserfiche WebLink

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1.11PERFORMANCE BOND & LABOR & MATERIAL PAYMENT BOND A.The Contractor shall post with Owner, within five (5) days of Owner's award of contract, a Performance Bond in the amount of one hundred percent (100%) of the total contract price in such form as is deemed satisfactory by Owner. This bond shall be executed by a corporate surety company duly authorized and admitted to do business in the state of Texas and licensed to issue such bond in the state of Texas. B.The Contractor shall post with Owner, within five (5) days of Owner's award of contract, a Payment Bond in the amount of one hundred percent (100%) of the total contract price in such form as is deemed satisfactory by Owner. This bond shall be executed by a corporate surety company duly authorized and admitted to do business in the state of Texas and licensed to issue such bond in the state of Texas. C.In addition to the above requirements, the surety on such bonds must also: 1.hold a certificate of authority from the United States Secretary of the Treasury to qualify as a surety on obligations permitted or required under federal law; or 2.have obtained reinsurance for any liability in excess of $100,000.00 from a reinsurer that is authorized and admitted as a reinsurer in Texas and is the holder of a certificate of authority from the United States Secretary of the Treasury to qualify as a surety or reinsurer on obligations permitted or required under federal law. In determining whether the surety on the bond or the reinsurer holds a certificate of authority from the United States Secretary of the Treasury, Owner may conclusively rely on the list of companies holding certificates of authority as acceptable sureties on federal bonds and as acceptable reinsuring companies published in the Federal Register by the United States Department of the Treasury covering the date on which the bond was executed. D.The Contractor must file, along with the Performance Bond and Payment Bond, all documents and information necessary to establish that the agent signing the bond is authorized to write the bond in the amount requested and, if applicable, that reinsurance requirements have been met, including limits and ratings or other evidence of company solvency. E.If the corporate surety company on any bond furnished by the Contractor to Owner is declared bankrupt or becomes insolvent or such corporate surety company's right to do business in the state of Texas is revoked, then the Contractor shall within five (5) days thereafter substitute another bond and corporate surety company, both of which must be deemed acceptable by Owner. 1.12FILING PROPOSAL A.No proposal will be considered unless it is filed with Owner within the time limit for receiving proposals as stated in the Request for Competitive Sealed Proposals. Each proposal shall be in a sealed envelope plainly marked as designated in the Request for Competitive Sealed Proposals. 1.13MODIFICATION AND WITHDRAWAL OF PROPOSAL A.No proposal may be withdrawn or modified after the proposal opening except where the award of the contract has been delayed beyond ninety (90) days after date of proposal. -12-