The successful bidder shall be required to submit a separate Performance Bond and Payment Bond in an amount equal to 100% of the contract amount. 15% for Minority/Women Business Enterprise participation in construction contracts. All bidders are notified that the requirements of the City of Fayetteville Minority and Women Business Enterprise Plan for Construction, Procurement and Professional Services shall be adhered to in the submission of all bids and shall be made a part of this contract. Public Works Commission and The City of Fayetteville have an established goal of Public Works Commission and The City of Fayetteville have an established goal of 10% for Small Disadvantaged Business participation in construction and repair projects. Fayetteville Public Works Commission of the City of Fayetteville, North Carolina reserves the right to reject any or all proposals. Public Works Commission of the City of Fayetteville and the City of Fayetteville reserve the right to reject any or all proposals waive all informalities concerning bid, or award bid to the lowest responsible bidder or bidders, taking into consideration quality, performance, and the time specified in the proposals for the performance of the contract. Each proposal shall be accompanied by a cash deposit or certified check drawn on a bank or trust company insured by Federal Deposit Insurance Corporation, payable to Fayetteville Public Works Commission of an amount equal to not less than five (5) percent of the proposal or in lieu thereof a bidder may offer a bid bond of five (5) percent of the bid executed by a surety company licensed under the laws of North Carolina to execute the contract in accordance with the bid bond and upon failure to forthwith make payment, the surety shall pay the obligee an amount equal to the amount of said bond. Said deposit shall be retained by the Owner as liquidated damages in event of failure of the successful bidder to execute the contract within ten days after the award or give satisfactory surety as required by law. All Bids shall remain open for ninety (90) days after the day of the Bid Opening. Fayetteville Public Works Commission and The City of Fayetteville have a 10% goal for small, minority and women owned business participation on this project. Bidders are hereby notified that the requirements of the City of Fayetteville and The Fayetteville Public Works Commission Small Disadvantaged Business Enterprise (SDBE) Program for Construction, Purchasing and Professional Services (a copy of which is included in these contract documents) shall be adhered to in the submission of all bids and shall be made a part of this contract.
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