**As of May 6, 2022, This project has not yet been awarded. A timeline for award has not yet been established.** A person bidding on a contract for the erection, alteration or repair of a public building, structure, facility or another improvement to real property, the total price of which exceeds $100,000.00 shall furnish a guarantee as provided for herein. The guarantee shall be in the amount of 10% of the bid, but not in excess of $20,000.00, except as otherwise provided herein, and may be given at the option of the bidder, by certified check, cashier's check or bid bond as per N.J.S.A.40A:11-21 et seq. It is required that the bid guarantee must be accompanied by a surety company certificate (known as a Consent of Surety) duly authorized to do business in this State and satisfactory to the City of Asbury Park, stating that such surety company will provide the bidder with a guarantee bond or other surety as a guarantee indemnification. Failure to include this item will mandate rejection of a bid. The City of Asbury Park requires that a bidder awarded a contract, which exceeds $29,000.00 submit a Performance Bond in the full amount of the award from a Company doing business in the State of New Jersey. This bond shall be made to the City of Asbury Park and shall be held as security for the performance of the construction period from notice to proceed to completion of the project. The Performance Bond shall be submitted within ten (10) days of the date of the award letter. Failure to submit Performance Bond shall be cause for declaring the contract null and void pursuant to N.J.S.A.40A:11-22. The City Council of the City of Asbury Park reserves the right to consider bids for sixty (60) days after receipt thereof, and further reserves the right to reject any and all bids, waive informalities, and make such awards or take action as may be in the best interest of the City of Asbury Park.
.webp)
