Res 1978-055 - Laserfiche WebLink

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amount equal to at least 100 percent of the total amount of the contract price, and (c) a bid guarantee from each bidder equivalent to 5 per cent of the bid price; such guarantee to consist of a bid bond, certified check or:other negotiable instrument to accompany the bid as assurance that the bidder will, upon acceptance of his bid, execute such contractual documents as may be required. Each such bond shall be in a form and with surety approved by the Government. State or local units of government shall follow their own normal requirements relating to bid guarantees, performance bonds, and payment bonds except for contracts exceeding $100,000; for contracts exceeding $100,000 the minimum requirements shall be as follows: A bid guarantee from each bidder equivalent to five per cent of the bid price; a performance bond on the part of the contractor for 100 per cent of the contract price; and a payment bond on the part of the contractor for 100 per cent of the contract price. I 4. The Grantee/Borrower agrees that it will not, without the prior written consent of the Government, order or permit any change in the final plans and specifications as approved by the Government which would entail any substantial variance in the Project, or increase the cost thereof. 5. The Grantee/Borrower shall provide and maintain on its behalf competent and adequate architectural or engineering services to design and supervise the development and construction of the Project. 6. The Grantee/Borrower shall establish a Project bank account or accounts satisfactory to the Government, into which shall be deposited funds for the financing of the Project. Disbursements from the Project bank account(s) shall be for the purposes and within the amounts for each line item in Attachment 1 (ED-508), as amended, except as otherwise specifically authorized by the Government. The Government reserves the right to require the prior approval of disbursements from the Project bank account. [Not applicable to State or local governments, unless capitalized interest or a loan is to be financed by the Federal Government.] 7. The Grantee/Borrower shall cause to be erected at the site of the Project, and maintained during construction, signs satisfactory to the Government identifying the Project and indicating the fact that the Government is participating in the development of the Project. 8. The Grantee/Borrower agrees that it will not, without the prior written I consent of the Government, order or permit the total incurred cost to exceed any of the line items in the cost estimates approved by the Government for . the Project. 9. The Grantee/Borrower shall include in all contracts and subcontracts, in language acceptable to the Government, provisions requiring the maximum feasible employment of local labor for work which is or reasonably may be done as on-site work and shall take reasonable steps to assure continuing compliance with such contract provisions. - 14 -