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CAPITAL PROJECTS <br />Any project with a cost of more than $50,000 shall require formal bids. Award of such a bid shall require <br />action by the city council. <br />Budgeted projects under $50,000 may be reviewed, approved, and executed administratively. <br />Unbudgeted projects over $15,000 but less than $50,000 shall not be required to be formally bid, but <br />must be approved by the city council. <br />Capital projects shall require execution of a contract in a form approved by the City and proof of <br />commercial liability insurance from contractor in an amount determined by the City, but in no event less <br />than $250,000 per occurrence and $500,000 aggregate. The City of Paris, its elected officials, officers <br />and employees shall be added as additional insured on Contractor's liability policy; Contractor shall also <br />provide proof of workers compensation insurance as require by State law. <br />Capital projects in excess of $25,000 shall require a payment bond and in excess of $100,000 shall <br />require a performance bond in a form approved by the City. <br />Contractors shall be required to pay retainage of 5% on each pay application for projects greater than or <br />equal to $400,000, and retainage of 10% for all projects with a contract amount greater $50,000 but less <br />than $400,000. <br />Contracts must be reviewed and approved by the city attorney. Where possible, the city shall use a <br />standard contract template developed by the attorney. <br />A change order is a type of a contract amendment, and must therefore be processed in a specific <br />manner. A request for a change order must include the following information before approval: <br />• The reason for the change; <br />• A description of the change in the plans and/or the work; <br />• Quantities or units of time, materials, etc. requisite to complete the change; <br />• A description of items as either existing or new, with a justification of the unit cost for any new <br />item; and <br />• The cost and additional time needed to complete the change(s), with explanations of each. <br />A change order may be approved administratively if it does not change the basic scope or purpose of the <br />project, and: <br />Carries no fiscal impact; or <br />Does not increase the council-approved contract amount by more than $20,000 or 10�0; or <br />Does not decrease the council-approved contract amount by more than $30,000 or 20%; or <br />-- 11 <br />