Bid guarantee bidder shall submit with the bid a certified check, cashier's check or bid bond in the amount of ten percent (10%) of the total price bid, but not in excess of $20,000, payable unconditionally to the owner. When submitting a bid bond, it shall contain power of attorney for full amount of bid bond from a surety company authorized to do business in the state of new jersey and acceptable to the owner. The check or bond of the unsuccessful bidder(s) shall be returned as prescribed by law. The check or bond of the bidder to whom the contract is awarded shall be retained until a contract is executed and the required performance bond or other security is submitted. The check or bond of the successful bidder shall be forfeited if the bidder fails to enter into a contract pursuant to n.J.S.A. 40a:11-21. Failure to submit this shall be cause for rejection of the bid. Performance bond successful bidder shall simultaneously with the delivery of the executed contract, submit an executed bond in the amount of one hundred percent (100%) of the acceptable bid as security for the faithful performance of this contract. Failure to deliver this with the executed contract shall be cause for declaring the contract null and void. Labor and material (payment) bond successful bidder shall with the delivery of the performance bond submit an executed payment bond to guarantee payment to laborers and suppliers for the labor and material used in the work performed under the contract. Failure to deliver this with the performance bond shall be cause for declaring the contract null and void. Maintenance bond successful bidder shall upon acceptance of the work submit a maintenance bond in the amount of 100% guaranteeing against defective quality of work or materials for the period of: __ 1 year __ 2 years the performance bond provided shall not be released until final acceptance of the whole work and then only if any liens or claims have been satisfied and any maintenance bonds required have been executed and approved by the owner. The surety on such bond or bonds shall be a duly authorized surety company authorized to do business in the state of new jersey n.J.S.A. 17:31-5. The contracting unit at its sole discretion and pursuant to the authority granted to it in accordance with n.J.S.A. 40a:11-15 may extend any contract for services other than professional services, the statutory length of which contract is for three years or less. Such contracts shall be limited to no more than one two-year extension or two one-year extensions and shall be subject to the limitations contained in this section. All multi-year contracts entered into pursuant to this section, including any two year or one year extensions, with the exception of those contracts identified in subsections (1),(9),(12),(16),(17),(18), (19),(24),(30),(31),(34),(35),(36)and (37) of n.J.S.A. 40a:11-15, shall be subject to the availability and annual appropriation of sufficient funds as may be required to meet the extended obligation and are subject to annual cancellation if said funds become unavailable. The owner reserves the right to evaluate the equivalency of an item(s) which, in its deliberations, meets its requirements.The owner has attempted to identify the item(s) and the estimated amounts of each item bid to cover its requirements; however, past experience shows that the amount ordered may be different than that submitted for bidding. The right is reserved to decrease or increase the quantities specified in the specifications pursuant to n.J.A.C. 5:34-4.9. No minimum purchase is implied or guaranteed.Pursuant to njsa 40a:11-13(b), the owner reserves the right to consider the bidder s physical proximity to trenton city hall, 319 east state street, trenton, nj, in awarding the contract when it is determined that the location of the bidder s business is a requisite to the efficient and economical performance of said contract.Continuation of the terms of this contract beyond the fiscal year is contingent on availability of funds in the following year's budget. In the event of unavailability of such funds, the owner reserves the right to cancel this contract
.webp)
