Bids shall be accompanied by a cashier's check or certified check upon a national or state bank in an amount not less than five percent (5%) of the total maximum bid price payable without recourse to the City of Highland Village, or a bid bond in the same amount from a reliable surety company as a guarantee that the bidder will enter into a contract and execute a Payment and Performance Bonds as required by the contract within ten (10) days after notice of award of contract to the bidder. The Contractor's Certificate of Insurance, which will be submitted with the Contractor's payment bond and performance bonds, shall include the following provisions: (A) the Contractor's Certificate of Insurance shall bind the insurance to add the City as an additional insured, (B) the certificate shall state "All policies shall be endorsed to read 'This policy will not be cancelled or non-renewed without thirty (30) days advanced written notice to the City and ten (10) days' notice for nonpayment of premiums", (C) The insurance shall be written by carriers licensed to do business in Texas and with companies with A: VIII or better rating in accordance with the current Best Key Rating Guide, and (D) the insurance shall include workers' compensation. The Bidder (Proposer) must supply all the information required by the Proposal Form. A Performance Bond, Payment Bond, and Maintenance Bond (for a period of two (2) years from the date of final acceptance), will be required by the Owner; each bond shall be in the amount of 100% of the total contract amount. No officer or employee of the City of Highland Village shall have a financial interest, direct or indirect, in any contract with the City of Highland Village. The right is reserved by the City Council, to reject any and all bids and to waive any informality in bids received. The right is reserved by the City Council to select any bid that will best serve the interests of the City.
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