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Advertisement for Bids <br /> pgge 3 <br /> November 27, 1988 <br /> <br /> bonds and insurance as required by the contract do6'ument 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 /> shall be forfeited as liquidated damages. <br /> <br /> PERFORMANCE BOND AND PAYMENT BOND~ <br /> <br /> ~ 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 contract§ conditioned upon the faithful performance <br /> of the contract. <br /> <br /> A one hundred percent (100%) payment bond ~ill 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 wi~h <br /> the w6rk 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 No bid shall be withdrawn after the opehing of propDsals without <br /> the consent of the Owner for a period of sixty (60) days after <br /> t~e scheduled time of closing bids. <br /> <br /> AN ACT TO REGULATE THE PRACTICE OF GENERAL CONTRACTING: <br /> <br /> Bidders 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~ 1925,~ and as subsequently amended, will be observed in <br /> receivin~ and awarding the contract. ~ <br /> <br /> EQUAL 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 aq~ of the contract documents; howeger,. <br /> ~ i~dt~dretion it may waive any mino~ defects or informalities. <br /> <br /> The Board further~reaerves the right to reject any and all <br /> proposals or to award a contract which in its judgement is <br />· is the ~est interest of the County. <br /> <br /> JAMES LENTZ,~ CHAIRMAN <br /> WATER AND SEWER DISTRICT OF CABAkRUS COUNTY <br /> <br /> <br />