The form of bid security shall be a BID BOND to accompany the Bid Proposal in the amount of 10% of the total bid price, but not in excess of $20,000, payable unconditionally to SJPC. It shall contain a Power of Attorney for the full amount of the Bid Bond from a surety company (see below). The Bid Bond of an unsuccessful bidder shall be returned in the same manner as set out in N.J.S.A. 40A:11-24a. The Bid Bond of the bidder to whom the contract is awarded shall be retained until a contract is executed, and the required Performance Bond is submitted. The Bid Bond of the successful bidder shall be forfeited if the bidder fails to enter a contract. Each Bid Proposal shall also be accompanied by a letter of intent from the bidder's Bonding Company confirming that, if the bidder is awarded the contract, the Bonding Company will furnish the required PERFORMANCE BOND EQUAL TO THE BID PRICE as security for the faithful performance of the contract. The performance bond shall not be released until final acceptance of the whole work, and then only if any liens or claims have been satisfied. Questions regarding this Request for Sealed Bid Proposals may be directed in writing to Alvin Cooley, Senior Purchasing Agent, at acooley@southjerseyport.com. No questions will be answered if not submitted by the deadline for questions, Tuesday, September 3, 2024, at 5:00 PM. The SJPC reserves the right to reject any or all Bid Proposals, to waive irregularities and technicalities, to request re-submissions, and to award a contract, as the SJPC deems will best serve the interests of the SJPC. *The list of planholders and/or interested bidders is not being tracked by the stakeholders involved with this project. If you are an interested contractor and wish to be listed as a bidder, please notify our editorial staff at addtobidlist@constructconnect.com.
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