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Advertisement for Bids <br />Page 2 <br />December 7, 1992 <br /> <br />Reference must be made to said documents for full particulars <br />respecting the work to be performed. <br /> <br />Copies of the contract documents required for review or bidding <br />purposes may be obtained only at the office of the County Utilities <br />Director upon deposit of $50.00 for each set of documents so <br />obtained. Each application must be accompanied by a certified <br />check made payable to Cabarrus County. The full amount of the <br />deposit for one set of documents and one-half (1/2) the deposit for <br />any additional sets of documents will be refunded to each bidder <br />who submits a bonafide proposal to the County, and who also returns <br />the documents in good condition to the County within ten (10) days <br />after bid date. <br /> <br />Equipment manufacturers, subcontractors, and others who do not <br />submit bonafide proposals to the County will be refunded one-half <br />(1/2) the amount of the deposit for all complete sets of documents <br />returned to the County within ten (10) days after the opening of <br />bids. No refunds will be made for documents received after the ten <br />(10) day period. <br /> <br />BID SECURITY: <br /> <br />Each proposal shall be accompanied by a certified or cashier's <br />check payable to the order of Cabarrus County or a satisfactory bid <br />bond executed by the bidder and a surety company authorized to do <br />business in North Carolina in an amount of five percent (5%) of the <br />bid as a guarantee that the bidder will, within ten (10) days after <br />the date of the bidder's receipt of the Notice of Award of the <br />contract, execute an agreement and file bonds and insurance as <br />required by the contract document if his proposal is accepted. If <br />a bidder fails to execute and file an agreement, bond and <br />insurance, the amount of the security shall be forfeited as <br />liquidated damages. <br /> <br />PERFORMANCE BOND AND PAYMENT BOND: <br /> <br />A performance bond will be required of the successful bidder in an <br />amount equal to one hundred percent (100%) of the amount of the <br />contract, conditioned upon the faithful performance of the <br />contract. <br /> <br />A one hundred percent (100%) payment bond will be required in <br />addition to a one hundred percent (100%) performance bond, <br />guaranteeing the payment in full to all persons furnishing labor, <br />materials, equipment, etc., for and in connection with the work to <br />be performed under the contract. A two hundred percent (200%) <br />performance-payment bond is acceptable in lieu of the above. <br /> <br /> <br />