This page was read by OCR. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
2.5 PERFORMANCE AND PAYMENT BOND:
The successful bidder must 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 NNRHA as obligee. If approved by NNRHA, a bidder may furnish a personal bond,
property bond, or bank or saving institution’s letter of credit on certain designated funds in the face
amount required for the payment or performance bond. Approvals shall be granted only upon a
determination that the alternative form of security affords protection to the Authority equivalent to a
corporate surety’s bond. Please note that if the apparent low bidder cannot provide the Performance
Bond and Payment Bond within a reasonable amount of time and Notice of Award cannot be made,
they may run the risk of forfeiting their bond. NNRHA at its sole discretion will determine what is
considered a reasonable amount of time. Performance bonds shall remain in effect throughout the
construction and the maintenance and warranty period defined as one year (1) after completion of
the construction.
2.6 LIQUIDATED DAMAGES:
In accordance with the Invitation for Bid it is hereby understood and agreed by the Contractor that
time is of the essence in delivery of supplies, completion of the project, services, materials or
equipment of the character and quality specified in the bid document. In the event these specified
supplies, services, materials or equipment are not delivered by the dates specified, there will be
deducted, not as penalty but as liquidated damages, the sum of $500.00 per day for each and every
calendar day of delay beyond the time specified; except that if such delays are the result of an act of
negligence, or default on the part of NNRHA, public suppliers, or by riot, sabotage or labor trouble
that results from cause or causes entirely beyond the control or fault of the Contractor or his
suppliers, a reasonable extension of time as NNRHA deems appropriate may be granted. Upon
receipt of a written request and justification for an extension from the Contractor, the Contracting
Officer may extend the time for performance for the contract or delivery of goods herein specified at
the Contracting Officer’s sole discretion for good cause shown.
2.7 CONTRACT DOCUMENT AND SPECIFICATIONS:
Contract drawings and specifications can be downloaded from the Authority web site at
Www.nnrha.com on September 30, 2024 or purchased from NNRHA for a non-refundable fee of
$250.00 per set. Please call (757) 928-2620 at least 24 hours in advance to request a copy of the
drawings. Acceptable forms of payment are cashier’s check or money order payable to Newport
News Redevelopment & Housing Authority.
Page 4 of 4
Marshall Courts Phase VII Demolition
IFB # MCP7D-09-24Jump to an indexed page (88 of 88)