Renovation of a multi-residential development in Decatur, Alabama. Completed plans call for the renovation of a multi-residential development.

Bids must be accompanied by a bid bond. The bid bond or guarantee equivalate to 5% of the bid price shall be included in the bid package submitted by each bidder. This bond ensures that if awarded the contract, the bidder will accept and perform the work under the contract. It also ensures that the bidder will not attempt to withdraw or otherwise not fulfill the contract. Finally, the bid bond ensures that the bidder will execute the contractual documents that are required within the time specified in the solicitation or forfeit all or part of the guarantee. A certified check, bank draft, U.S. Government Bonds at par value, bid bond secured by an acceptable surety company, or other negotiable instrument may be accepted as a bid guarantee. If the successful bidder refuses to sign the contract after award, the bid bond is forfeited, and award will go to the next lowest responsive and responsible bidder. If a bid bond or guarantee is not submitted with the bid, the DHA will reject the bid as non-responsive. The DHA anticipates that it will not return any bid bonds until the contract has been awarded and the required performance and payments bonds have been furnished; until all bids have been rejected; or the time specified for acceptance of bids has expired. In fairness to the other bidders, the DHA may also choose to return the bid bonds if the DHA has a firm and reasonable assurance that the responsive and responsible bidder who submitted the lowest cost will execute the contract. Performance and Payment Bond. Payment and Performance Bond will be required prior to a Notice to Proceed. The bidder agrees to provide DHA with a satisfactory and will be submitted by the successful bidder prior to execution of payment and performance bond executed by the bidder and a corporate surety qualified to do business in Alabama, in an amount equal to, but not less than one hundred percent (100%) of the bid amount. The bond will be the original, certified copy of the contract. Performance Bond. The performance bond is meant to ensure that the contract is successfully completed. The performance bond guarantees that if the Contractor is unable to complete the contract, the surety company will step in to finish the work. In the case of a letter of credit or cash escrow, the DHA may use these funds to complete the contract work. Payment Bond. The payment bond is a method of ensuring that the Contractor pays the subcontractors and suppliers. By requiring payment bonds, the DHA avoids becoming entangled in disputes concerning payment of subcontractors and suppliers by the general contractor. The surety underwriting the payment bond ensures the contractors and suppliers will be paid. QUESTION SUBMITTAL DEADLINE no later than seven (7) business days before bidding due date Right to Reject, Waive, or Terminate the IFB. Reject any or all bids, to waive any informality in the IFB process, or to terminate the IFB process at any time, if deemed by the DHA to be in its best interests