Provide repair/rebuild services for various types of transmissions for Public Works Department - Fleet Maintenance Shop on an "as needed" basis. The contract period will be for two (2) years with the option to renew for three (3) additional twelve-month periods. Requirement for Bid Security. Bid security shall be required for all competitive sealed bids for construction contracts when the price is estimated by the Purchasing Manager to exceed $25,000. Bid security shall be a bond provided by a surety company authorized to do business in the State, or other form satisfactory to the City. Such bonds may also be required on construction contracts under $25,000 or other procurement contracts when circumstances warrant, Amount of Bid Security. Bid security shall be in an amount equal to at least five percent (5%) of the bid amount. a performance bond satisfactory to the City executed by a surely company authorized to do business in the State, or otherwise secured in a manner satisfactory to the City, amounting to one hundred percent (100%) of the price specified in the contract; and b. a payment bond satisfactory to the City executed by a surety company authorized to do business in the State or otherwise secured in a manner satisfactory to the City, to protect all persons supplying labor and material to the RFB No. 24-0009 Transmissions & Transmission Services for Public Works (Annual) Page 6 of 43 contractor or its subcontractors for the performance of the work provided for in the contract, amounting to one hundred percent (100%) of the price specified in the contract. The City reserves the right to waive any minor informality or irregularity. The City reserves the right to reject any and all bids.
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