03-12-1984 Council Packet - Laserfiche WebLink

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ra (b) The prices in the Proposal have not been or will not be knowingly disclosed to any other bidder or competitor prior to the 0,-er's opening of the Proposals; (c) No attempt has been made or will be made by the Bidder to induce any - other person or firm to submit or not to submit a Proposal for the purpose of restricting competition. SECTION 3 AWARD AND EXECUTION OF CONTRACT 3.1 AWARD OF CONTRACT When the Proposal of the lowest responsible bidder is accepted and within 30 days after opening, the Owner will send him the necessary Contract Documents and a notice that the contract has been awarded to hir, subject to the fur- nishing of a Performance and Payment Bond, where required. 3.2 PERFORMANCE AND PAYMENT BONDS Prior to or at the time of the execution of the Agreement the Bidder deter- mined to be the lowest responsible Bidder shall furnish a Performance and Pay- ment Bond as security for the faithful performance and payment of all his obligations under the Contract. Such Bonds shall be in a sum equal to the Contract Amount. The form of the bond shall be as the Owner may prescribe herein. The Bond shall be executed by the Bidder and a surety company author- ized to do business in the State where the Work is located. The surety .� company shall be listed in and the bond limit shall not exceed the amount set forth in the currant Department of the Treasury "Surety Companies Acceptable .. on Federal Bonds" is=ued under 12 6 U.S. Code 6-1.3. +b+ 3.3 EXECUTION OF AGREEMENT The lowest responsible bidder shall, within 15 days after receiving the notice of award, sign the Agreement contained in the Contract Documents and return the signed Agreement and other Contract Documents to the Owner. 3.4 FAILURE TO EXECUTE AGREEMENT Upon the failure of the lowest responsible bidder to furnish an acceptable Bond, where required, or to execute the Agreement within the time above speci- fied, the Owner may have the option to annul the award and retain the Bid Security accompanying the Bid as liquidated damages and not as a penalty. This shall not be the sole remedy of the Owner but upon default by the Bidder wa the Owner may adopt any legal remedy which it may see fit to adopt. v 6 - 3526a 4/81