Minutes-5/12/1999

Monthly estimates will be paid to the Contractor as the work progresses in amounts equal to ninety-five percent (95%) of the contract value of the work completed during the preceding calendar month, including the actual cost (exclusive of overhead or profit to the Contractor) of materials and equipment of a permanent nature to be incorporated in the work and delivered to and stored at the job site. Such monthly payments shall in no way be construed as an act of acceptance for any part of the work, partially or totally completed. Final payment of the remaining amount due the Contractor will be made not earlier than thirty-one (31) days from the final acceptance of the work by the City, subject to the conditions and in accordance with the provisions of Chapter 573 of the Code of Iowa. Each proposal shall be made on the proposal form prepared for this purpose, which form may be obtained from the City Clerk or Hart-Frederick Consultants P.C., 902 East 2nd Avenue, Coralville, IA 52241, the City's Engineer. Each bid shall be accompanied by a bid bond, certified check, cashier's check or a credit union certified share draft in a separate sealed envelope in an amount equal to ten percent (10%) of the total amount of the bid. The certified check or cashier's check shall be drawn on a bank in Iowa or a bank chartered under the laws of the United States of America, the certified share draft shall be drawn on a credit union in Iowa or a credit union chartered under the laws of the United States; and such check or draft shall be made payable to the Treasurer of the City as security that if awarded a contract, the Bidder will enter into a contract at the prices bid and furnish the required Performance and Payment Bonds and Certificates of Insurance. The certified check or cashier's check or certified share draft may be cashed, or the Bid Bond forfeited, and the proceeds retained as liquidated damages if the Bidder fails to execute a contract or file acceptable Performance and Payment Bonds or provide acceptable Certificate of Insurance within ten (10) days after the acceptance of his proposal by resolution of the Council. No bidder may withdraw a proposal within ninety (90) days after the date set for opening bids. The successful bidder will be required to furnish a corporate surety bond in an amount equal to one hundred percent (100%) of the contract price. Said bond shall be issued by a responsible surety approved by the City Council and shall guarantee the faithful performance of the Contract and the terms and conditions therein contained and the maintenance of said improvements in good repair for not less than two (2) years from the time of acceptance of said improvements by the City Council. The City Council reserves the right to reject any or all proposals, informalities and irregularities and to enter into such contract as it may deem to be for the best interests of the City. A single contract will be awarded to the lowest responsible bidder for completion of the Contract Project as selected by the City. By virtue of statutory authority, preference will be given to products and provisions grown and coal produced within the State of Iowa and to Iowa domestic labor to the extent lawfully required under Iowa statutes, providing that the award of the contract will be made to the lowest responsible bidder submitting the lowest acceptable bid, which shall be without regard to state or local law whereby preference is given on factors other than the amount of the bid.