Laserfiche WebLink
Federal Funds <br />All bidders will be informed that Federal funds will be used to <br />assist in construc[ion. This can be accomplished in the "special <br />provisions" of the specifications or in the bidding documents. <br />Bonding and Insurance <br />For contracts exceeding $100,000 the following applies: <br />A. A bid guarantee from each bidder equivalent to five percent <br />of the bid price. The "bid guarantee" shall consist of a firm <br />commitment such as a bid bond, certified check, or other nego- <br />tiable instrument accompanying a bid as assurance that the <br />bidder will, upon acceptance of his bid, execute such con- <br />tractual documents as may be required within the time specified. <br />B. A performance bond on the part of the contractor for'100 - <br />percent of the contract price. A"performance bond" is one <br />executed in connection with a contract to secure fulfillment <br />of all the contractor's obligations under such contract. <br />C. A payment bond on the part of the contractor for 100 percent <br />of the contract Price. A"payment bond" is one executed in <br />connection with a contract to assure payment as required by <br />law of all persons supplying labor and material in the <br />execution of the work provided for in the contract. <br />D. Additional conditions governing construction contracts are <br />contained in the General Provisions. <br />Contract Provisions <br />The grantee shall include, in addition to provisions to define a <br />sound and complete agreement, the following provisions in all contracts: <br />A. Contracts shall contain such contractual provisions or conditj_ons <br />w•hich will allow for administrative, contractual, or legal <br />remedies in instances where contractors violate or breach <br />contract terms, and provide for such sanctions and penalties <br />as may be appropriate. <br />B. Al1 contracts, anounts for which are in excess of $10,000, <br />shall contain suitable provisions for termination by the <br />grantee including the manner by which it will be effected <br />and the basis for settlement. In addition, such contracts <br />shall describe conditions under which the contract may be <br />terminated for default as well as conditions where the <br />contract may be terminated because of circumstances beyond <br />the control of the contractor. <br />