• Bid Bond: Bidder shall provide an original Bid bond of not less than five (5%) of the amount of Bid. If the Bid bond is not submitted with the Bid package, the Bid shall be considered non-responsive.
• Performance Bond: Successful Bidder shall provide a performance bond in the sum of the contract amount. The performance bond shall ensure Bidder's faithful performance in strict conformity with the contract.
• Payment Bond: Successful Bidder shall provide a payment bond in the sum of the contract amount. The payment bond shall ensure protection of and prompt payment to any claimants who supply labor or furnish materials to the prime contractor or any subcontractor.
• Fidelity Bond: Successful Bidder shall provide a fidelity bond in an amount not less than $10,000. The fidelity bond shall guarantee coverage for dishonesty of the successful Bidder's employees.
• Maintenance Bond: Successful Bidder shall provide a maintenance bond in the sum of twenty-five percent (25%) of the contract amount. The maintenance bond shall be for one (1) year with renewal clauses for
three (3) additional years. Such bond shall be conditioned upon the faithful performance of the contract.
? Each of the bonds required above shall be payable to the "Treasurer, City of Virginia Beach." Bonds shall be executed by one or more surety companies selected by Bidder which are legally authorized to do business in the State of Virginia. With the exception of the Bid Bond, each of the above bonds shall be maintained through the term of the contract and any extensions.
? Permits and Fees: Bidder shall be responsible for obtaining all necessary permits and for payment of all fees for work resulting from this Invitation to Bid. The City of Virginia Beach reserves the right to accept or reject any or all bids in whole or in part and to wave any informalities. The City reserves the right to enter into any contract deemed to be in its best interest.
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