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Advertisement for Bids <br /> Page 3 <br />July 22, 19~0 <br /> <br /> bonds and insurance as required by the contract document if <br /> his proposal is accepted. If a bidder fails to execute and <br /> file an agreement~ bond and insurance, the amount of the security <br /> sha~l be forfeited as liquidated damages. <br /> <br /> PERFORMANCE BOND AND PAYMENT BOND: <br /> <br /> A performance bond will be required of the successful bidder <br /> in an amount equal to one hundred percent (100%) of the amount <br /> of the contract5 conditioned upon the faithful performance <br /> of the contract. <br /> <br /> A one hundred percent (100%) payment bond will be required <br /> in addition to a one hundred percent (100%) performance bond, <br /> guaranteeing the payment in full to all persons furnishing <br /> labor, materials, equipment,' etc., for and in connection with <br /> the work to be performed un'er the contract. A two hundred <br /> percent (200%) performance-payment bond is acceptable in lieu <br /> of the above. <br /> <br /> HOLDING OF PROPOSALS: <br /> <br />No bid shall be withdrawn after the openin~ of proposals without <br />the consent of the Owner for a period of sixty (60) days after <br />the scheduled time of closing bids. <br /> <br />Bi~ders are advised that insofar as applicable, "An Act to <br />Regulate the Practice of General Contracting", ratified by <br />the General Assembly of the State of North Carolina,. on March <br />10~ ~925~ and as subsequently amended, will be observed in <br />receiving -~nd awarding the contract. <br /> <br />EQU~L OPPORTUNITY: <br /> <br />Cabarrus County is an equal opportunity employer. Minority <br />contractors are encouraged to bid.. <br /> <br />AWARD OF CONTRACT: <br /> <br />The Board of Commissioners of Cabarrus County reserves the right <br />to reject any proposal for failure to comply with all requirements <br />of this notice or of any of the contract documents; however, <br />at its discretion it may waive any minor defects or informalities. <br />~ha Board ~ur~her reserves the right to reject any and all <br />proposals or to award a contract which in its judgement is <br />in the best interest of the County. <br /> <br /> WATER AND SEWER DISTRICT OF CABARRUS COUNTY <br /> Michael M. Ruffin, County Manager <br /> <br /> Cabarrus County <br /> <br /> <br />