As of April 8, 2022, This project is already awarded to awarded amount not available. The City of Paterson requires that a bidder must submit with his bid, a bid guarantee in the form of a bid bond, certified check, or cashier's check in the amount of ten percent (10%) of the bid, along with consent of surety from a Bonding Company. In no case shall the bid guarantee exceed $20,000.00. 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 Paterson, 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 bid. The City of Paterson requires that a bidder who is awarded a contract, which exceeds $44,000.00, must 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 Paterson and shall be held as security for the performance of the contract. The performance bond shall be submitted within ten (10) days of the date of the award letter. Failure to submit a Performance Bond shall be cause for declaring the contract null and void. Prior to awarding of a contract, the City of Paterson will investigate apparent low bidders for any delinquent taxes or other Municipal charges including but not limited to sewer charges, demolition liens, etc. owed on any City of Paterson property by said proposed vendor or its principals. Any such delinquent taxes or other Municipal charges would disqualify such bidders from bidding on or being awarded a City contract. The Municipal Council of the City of Paterson 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 in accordance with applicable law.
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