DOCUMENT

IFB - Parkade Elevator Modernization Specification 2008

  • YEAR CREATED: 2008
  • ENTITY TYPE: City/Township
  • TYPE OF DOCUMENT: BID - ITB, IFB, ITT, RFB
The document is a contract between the City of Bellingham and a contractor for the Parkade Elevator Modernization project. The contract number and project title are specified as "CONTRACT NO." and "PROJECT CITY OF BELLINGHAM PARKADE," respectively. The document consists of several sections that outline various aspects of the contract. These sections include a Bid Bond Deposit, Contract Bond, Non-Collusion Affidavit, Retainage Investment Option, and an Escrow Agreement. The Bid Bond Deposit section states that the contractor has submitted a deposit, which can be in the form of a certified check, cashier's check, or cash. The deposit amount should be at least 5% of the total bid. The condition of this deposit is that if the City awards the contract to the contractor and they provide a bond for the faithful performance of the project, the deposit will be returned. However, if the contractor fails to provide a performance bond, they will forfeit the deposit to the City. The Contract Bond section establishes a binding agreement between the contractor and the City. The bond specifies that the contractor and their surety are jointly and severally bound to the City for a specified amount. It is governed by the statutes of the State of Washington and the ordinances of the City of Bellingham. The bond outlines the conditions for its validity, stating that if the contractor faithfully performs all provisions of the contract, pays all laborers and suppliers, and holds the City harmless from any loss or damage, the bond will be void. Otherwise, it will remain in full force and effect. The Non-Collusion Affidavit section requires the contractor to provide a sworn statement that their bid is genuine and not collusive. They must affirm that they have not induced or solicited any other bidder to submit a sham bid or refrain from bidding. The Retainage Investment Option section gives the contractor the choice of how retainage funds will be invested. The options include placing the funds in an interest-bearing savings account, delivering the funds to a selected bank for investment in securities or bonds, or depositing the funds in a manner selected by the City with no interest payable to the contractor. The Escrow Agreement section establishes an escrow arrangement between the City and a bank. The bank will receive retainage checks from the City and invest the funds in securities or bonds selected by the contractor. Interest will be paid to the contractor as it accrues. In summary, the document provides detailed information about the financial and contractual aspects of the Parkade Elevator Modernization project between the City of Bellingham and the contractor.
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