The Local Business Enterprise (LBE) goal is 5 percent. Bids will be taken on the complete work in accordance with the specifications and drawings on file in the Office of the Purchasing Agent, at 2525 "O" Street, Merced, California 95340. For any moneys earned by the Bidder and withheld by the City of Merced to ensure the performance of the contract, the Bidder may, at his request and expense, substitute securities equivalent to the amount withheld in the form and manner and subject to the conditions provided in Section 22300 of the Public Contracts Code of the State of California. The successful bidder must also meet the insurance requirements provided for in the bid documents. Failure to meet the insurance requirements will cause the City to withdraw any award and the successful bidder will forfeit their bid bond. A payment bond, performance bond, guaranty and all insurance required for this contract must be filed with the contract documents and approved by the City Attorney before the Contractor enters upon performance of the work. A security shall be in an amount equal to at least ten (10) percent of the amount bid. A bid shall not be considered unless one of the forms of bidder's security is enclosed with it. Failure of the Contractor to complete the work within the time allowed will result in damages being sustained by the City. Such damages are, and will continue to be, impracticable and extremely difficult to determine. For each consecutive calendar day in excess of the 90- working-day limit specified in Section 6-1, as modified, as adjusted per Section 6-6, the Contractor shall pay to the City, or have withheld from monies due it, the sum of $1,900.00 as fixed, agreed and liquidated damages (it being impossible to determine the actual damages occasioned by the delay). The City reserves the right to reject any and all bids.
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