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<br /> RFP 95-009 9,,- <br /> 6. Rates paid on interest bearing accounts. <br /> B. The selection of a firm and the execution of a contract, while <br /> anticipated, is not guaranteed by the City. The City reserves the <br /> right to determine which proponent's proposal is the most <br /> advantageous to the City and to award the contract on that basis, <br /> to reject any and all proposaisl waive any irregularities of any <br /> proposal, and negotiate with any proponent (after proposals are <br /> opened) if such is deemed in the best interest of the City. <br /> C. All proposals will be reviewed and ranked according to <br /> competence and qualifications, and firms may be selected for <br /> interviews or oral presentation as necessary. The City makes no <br /> commitment to any proponent beyond consideration of the written <br /> response to this RFP. <br /> 11. AWARD OF CONTRACT <br /> A. After selection of a firm based on the criteria described <br /> above, the City will then enter into negotiations as to the terms <br /> of the agreement. In the event the negotiations between the firm <br /> selected and the City cannot be completed as a resul t, of an <br /> inability to reach agreement on the fee for services, or the scope <br /> and terms of work to be performed, then at the option of the City, <br /> the contract may be awarded to the second most qualified firm. <br /> Negotiations will continue in this sequence until a contract is <br /> finalized or all proposals are rejected. <br /> B. Elements of the City's Terms and Conditions of Request for <br /> Proposals will be considered for inclusion in the negotiated <br /> agreement, but any references in the terms and conditions to their <br /> binding contractual effect may be disregarded. <br /> C. The evaluation committee's recommendation will be submitted to <br /> the City Council for approval of the final selection. <br /> D. The selected firm will be required to assume responsibility for <br /> all services offered in their proposall whether or not such <br /> services are provided by a subcontractor or joint venture <br /> arrangement. The selected firm will be considered the sole point <br /> of contact with regard to contractual matters, including payment <br /> of any and all charges resulting from the contract. <br /> E. No later than five (5) days before the commencement of the term <br /> of the depository services contract, the financial institution will <br /> provide security for the municipal funds to be deposited in <br /> accordance with the terms of the depository services contract. <br /> 19 <br />