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Financial Operations, IC & RA Review Initial:
PERFORMANCE AND PAYMENT BONDS: The successful bidder/offeror shall deliver to the
purchasing office executed Commonwealth of Virginia Standard Performance and Labor and Material
Payment Bonds, each in the sum of the contract amount, with the NNRHA as obligee. The surety shall be
a surety company or companies approved by the State Corporation Commission to transact business in
the Commonwealth of Virginia and acceptable to HUD and the Authority. No payment shall be due
and payable to the Contractor, even if the contract has been performed in whole or in part, until the bonds
have been delivered to and approved by the purchasing office, Standard bond forms will be provided by
the purchasing office prior to or at the time of award. When the value of work for a General Contractor
exceeds $50,000.00 during the contract period (this includes initial award and all subsequent renewals),
the General Contractor shall provide the Agency these bonds.
PRIME CONTRACTOR’S RESPONSIBILITIES: The Contractor shall be responsible for
completely supervising and directing the work under this contract and all Subcontractors that he may
utilize, using their best skill and attention. Subcontractors who perform work under this contract shall
be responsible to the prime Contractor. The Contractor agrees to being as fully responsible for the
acts and omissions of Subcontractors and of persons employed by them as they are for the acts and
omissions of their own employees. The Contractor shall be responsible for maintaining satisfactory
standards of employee’s competency conduct courtesy, appearance, honesty, and integrity and shall
be responsible for taking such disciplinary action with respect to any employee, as may be necessary.
Additionally, the prime Contractor shall:
A. Ascertain that all services and work will be performed in a professional workman-like manner
acceptable to NNRHA and consistent with accepted professional standards. If the Contractor or
their staff is other than professional with residents or NNRHA staff, the Contractor may be found
in default of this contract.
B. Insert appropriate clauses in all subcontracts to bind Subcontractors to the terms and conditions of
this contract insofar as they are applicable to the work of Subcontractors.
C. Within seven (7) days after receipt of amounts paid to the Contractor for services rendered by the
subcontract either:
1. Pay the Subcontractor for the proportionate share of the total payment received from the
agency attributable to the work performed by the Subcontractor under the contract; or
2. Notify the agency and Subcontractor, in writing, of the intention to withhold all or a part of
the Subcontractor's payment with the reason for nonpayment.
D. Pay interest on all amounts owed to Subcontractor that remain unpaid after seven days following
receipt of payment by the agency, except for amounts withheld as allowed in ‘C-2’ above.
“Unless otherwise provided under the terms of this contract, interest shall accrue at the rate of one
percent per month.” A contract modification shall not be made for the purpose of providing
reimbursement for the interest charge. A cost reimbursement claim shall not include any amounts
for reimbursement for the interest charge. Your obligation to pay interest to a Subcontractor shall
not be construed to be an obligation of NNRHA.
E. Provide your social security number and if a proprietorship, partnership or corporation provide
your federal employee identification number, space provided on cover sheet of this package.
F, Include in each of its subcontracts a provision requiring all Subcontractors to include or otherwise
be subject to the same payment and interest requirements with respect to each lower-tier
Subcontractor.
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