99-24 Exhibit to Temporary Extension Agreement.pdf

1.10 1.10 Bid Bid Proposal Security Proposal Security 1.10.1 1.10.1 Each proposal Each must be proposal must accompanied by be accompanied by aa bid security inin the bid security of aa certified form of the form certified check the Respondent, from the check from Respondent, or “bid bond” or aa "bid supplied by bond" supplied by the party or responding party the responding or its third-party its third-party company, executed by duly executed and duly company, and by the Respondent as the Respondent and by principal and as principal by reputable surety aa reputable rated A+ company rated surety company A+ or better by or better by A.M. A.M. Best Company’s Best Company's Insurance Rating, licensed Insurance Rating, do business to do licensed to under the

ed Insurance Rating, do business to do licensed to under the business under of and Jaws of the faws and inin the the State of State of New Jersey New Jersey and to the satisfactory to and satisfactory Township of the Township of West Orange, as West Orange, The Surety. The as Surety. amount of amount the bid of the shall be security shall bid security be ten (10%) percent ten (10%) of the percent of the Total Contract Total Contract Amount indicated Amount indicated in the Proposal in the Proposal Form, to exceed not to Form, not $20,000. exceed $20,000. 1.10.2 1.10.2 The bid The bid security will be security will held by be held by the Township of the Township of West Orange as

be held by the Township of the Township of West Orange as West Orange security as security for fulfillment of for fulfillment of the Promises, as Respondent's Promises, the Respondent’s set forth as set forth in this Proposal, in this Proposal, that that it it will withdraw the not withdraw will not Proposal while the Proposal is being while itit is considered and being considered and that that will execute itit will execute the Contract and the Contract and furnish all required furnish all bonds, insurances, required bonds, insurances, and other and required within documentation required other documentation specified time, the specified within the time, shall forfeit shall forfeit the bid the security. bid security. 1.10.3 I. I0.3 The Respondent The Respondent to which the

shall forfeit the bid the security. bid security. 1.10.3 I. I0.3 The Respondent The Respondent to which the to which Contract has the Contract has been awarded, upon been awarded, upon his failure his failure or or refusal to execute refusal to execute the or toto deliver Contract or the Contract the bonds, deliver the insurances or bonds, insurances or other required within documentation required other documentation within the time, shall specified time, the specified forfeit the shall forfeit the bid security. bid security. / I.1111 I. Consent Surety, Performance ofSurety, Consent of Per[ormance and Payment Bond and Payment Bond Each proposal Each proposal must must be accompanied by be accompanied by aa Consent Consent of of Surety Surety signed signed byby aa surety company stating that if the Respondent’s surety company stating that ifthe Respondent's proposal proposal is

dent’s surety company stating that ifthe Respondent's proposal proposal is is accepted, accepted, the the surety company surety provides the which provides company which the Consent shall be Consent shall be required furnish aa required toto furnish Performance and Performance and Payment Payment Bond Bond inin the the amount amount as specified in as specified in Section Section 2.24. Such 2.24. Such surety surety company company willwill provide the Respondent provide the Respondent with with bonds bonds guaranteeing the guaranteeing the faithful faithful performance performance of of work work inin accordance accordance withwith the the RFP, RFP, and the payment and the payment of of labor, materials and labor,

the RFP, RFP, and the payment and the payment of of labor, materials and labor, materials all other and all other indebtedness which indebtedness which ·"may may accrue on the account of this contract. accrue on the account of this contract. AA Performance Performance and Payment Bond and Payment will be Bond will be required at the required at the time time of the of the signing of signing of the the contract. contract. The The amount amount of the bond of the bond and the rating and the rating of of the the Surety Company Surety Company are specified in are specified in Section Section 2.24, Performance Bond 2.24, Performance Bond and and Insurance. Insurance. 1.112 1.11.2 The The performance performance and and payment payment bond bond must must be

payment bond bond must must be be furnished with the furnished with the executed executed Contract Contract and shall remain and shall in effect remain in effect until until Contract Contract completion. completion. InJn lieu of lieu of the Consent the Consent of Surety, the of Surety, the Respondent Respondent may submit aa Certified may submit Certified Check for Check for the required the required amount. amount. 12