Replace existing Motor Control Center with new Motor Control Center. Add Additional Booster Pump. Proposal shall be accompanied by a bid security in the form of a bid bond in the amount of five percent (5%) of the greatest amount bid payable to the Owner, from a reliable surety company licensed to operate and authorize to execute and issue bid bonds in the State of Texas and listed in the United States Treasury Department's current publication of Accepted Sureties, Department Circular 570, or cashier's check as a guarantee that the bidder will enter into a contract and execute the required bonds within ten days after notice of award. Bids without bid bond will not be considered. Bid securities will be returned to the respective bidders within ten days after bids are opened, upon written request, except those which the Owner elects to hold until the successful bidder has executed the Contract and furnished Performance and Payment Bonds. The successful bidder will receive his bid security within ten days after execution of Contract, receipt, and acceptance by Owner of required bonds The proposed Contract Documents include the provision that maintenance bonds are provided in compliance with prescribed form and requirements. The Conditions of the Contract require the successful bidder, upon award of the Contract, to provide and execute a Performance Bond and a Payment Bond of required form and of even date with the Contract. The Performance Bond shall be for satisfactory performance of the Contract and fulfillment of any guarantees required. The Payment Bond shall guarantee payment of all lawful claims for labor performed and materials furnished in fulfillment of the Contract. Bidders shall submit, along with the bid, the name of the person, firm, or corporation that will execute Payment and Performance Bonds. Owner reserves right to require bidders upon request to submit financial statement and summary of experience in construction of similar projects, including project costs, locations, references, and resumes of personnel assigned to jobs; and to reject bids of bidders Owner finds unqualified In the event of the award of a Contract to the undersigned, the undersigned will furnish Maintenance Bonds in the amount of 100 percent. the undersigned will furnish Performance Bonds and Payment Bonds conforming to the requirements of the Instructions to Bidders each in the amount of 100 percent of the amount of the Contracts.
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