DOCUMENT

IFB - Street Repair 2010

  • YEAR CREATED: 2010
  • ENTITY TYPE: County
  • TYPE OF DOCUMENT: BID - ITB, IFB, ITT, RFB
This document is a construction contract for the Fairhaven Subdivision Paving Repairs project. It outlines the terms and conditions of the contract, including the scope of work, payment terms, and requirements for performance and payment bonds. According to the document, the contractor is responsible for providing an itemized accounting of costs, which are limited to labor, materials, equipment rental, insurance premiums, and additional costs of supervision and field office personnel directly related to the project. The document also specifies a fixed fee limit for overhead and profit, which varies depending on whether the general contractor or subcontractor is performing the work. The contractor is required to provide performance and payment bonds to ensure the faithful performance of the contract and protection for those supplying labor and materials. The bonds must be executed by a surety company authorized to do business in Virginia and in a financial size of Class VII or higher. The amount of the bonds will increase if there are changes to the contract price. The document also mentions alternative forms of security, such as certified checks, cash escrow, personal bonds, property bonds, or letters of credit, which may be accepted in lieu of payment or performance bonds if approved by the County Attorney. Regarding payment, the contractor will be paid at least 95% of the earned sum when payment is due, with 5% being retained to ensure the faithful performance of the contract. Retained funds may be included in the final payment. The document also mentions the option for the contractor to request the use of an escrow account for retained funds, subject to certain conditions and the submission of an Escrow Agreement form. Overall, the document provides detailed information on the contractual obligations, payment terms, and bonding requirements for the Fairhaven Subdivision Paving Repairs project.
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