180-26 - Exhibit A. CDBG 2025 SPECS_compressed.pdf

Te COMPETENCY OF BIDDERS Bidders shall be experienced in the kind of work to be performed and shall have the necessary equipment therefore and sufficient capital to properly execute the work within the time allowed. 8. CERTIFIED CHECK, CASHIER'S CHECK OR BID BOND Each bid must be accompanied by a certified check, cashier's check, or bid bond in the sum of ten percent (10%) of the amount of the bid, satisfactory to and payable to the order of the Owner. The certified check, cashier's check or bid bond submitted by the bidder to whom a contract is awarded shall be retained until a contract is executed and the required performance bond furnished. Certified checks, cashier's checks, or bid bonds submitted by other bidders shall be returned within three (3) business days after the award of the contract. In the event that the Owner shall reject all bids or shall not award a contract within sixty (60) days after the opening of bids, all certified checks, cashier's checks and bid bonds shall be returned within three (3) days after such rejection or the expiration of such period, as the case may be. 9. PERFORMANCE AND MAINTENANCE BOND The successful bidder at the time of the execution of the Contract must deposit with the Owner a surety company bond for the satisfactory completion of the work in an amount equal to the amount of the contract award. The form of the bond and the surety shall be acceptable to the Owner. Surety companies shall be only those authorized to transact business in New Jersey. Prior to the payment of the final estimate, the Contractor shall furnish a certificate from his surety stating that the performance bond covers the one-year defective workmanship and materials guarantee period or if it does not, the Contractor shall provide a separate Maintenance Bond. The Maintenance Bond shall include the following: "In case of default under this obligation, it is understood that the Owner has the option of taking the cash or of having the Surety do the work." 10. EXECUTION OF CONTRACT The party to whom Contract is awarded or his authorized representative will be required to execute the Contract within ten (10) business days from the date of Notice of Award, and, in case of his failure or neglect to do so, the Owner may, at its option, determine that the bidder has abandoned the Contract, and thereupon the proposal and acceptance shall be null

e of Award, and, in case of his failure or neglect to do so, the Owner may, at its option, determine that the bidder has abandoned the Contract, and thereupon the proposal and acceptance shall be null and void, and the security accompanying the proposal shall be forfeited to the Owner. 1B-3