gp-3Award and Execution of Contract

GP-3.01AWARD OF CONTRACT (SEE GP-2.19)

Written notice of award shall be sent to the successful bidder. A Notice of Award may be rescinded at any time prior to execution of the Contract by the Administrator.

GP-3.02RETURN OF PROPOSAL GUARANTY

All proposal guaranties, except those of the three lowest bidders, will be returned immediately following opening and the review of the proposals. The guaranty of the three lowest bidders will be returned following the execution of the Contract and approval by the Board, if required. The Contractor has the right to substitute a bid bond for other bid security at any time prior to return of the proposal guaranty.

GP-3.03PERFORMANCE BOND AND PAYMENT BOND

REQUIREMENTS

COMAR 21.06.07.01B.

all construction Contracts in excess of $100,000 each in the amount equal to at least 100 percent of the Contract price. The bonds shall be delivered by the bidder to the Administration no later than the time the Contract is to be executed. If the bidder fails to deliver the required bonds, the bid shall be rejected, the bid security shall be enforced, and award of the Contract may be made to the next lowest responsive and responsible bidder.

COMAR 21.07.02.10, Exhibit A.

COMAR 21.07.02.10, Exhibit B.

GP-3.04EXECUTION OF CONTRACT

executed Contract form, and performance and payment bonds (if required), approval by the Board of Public Works, (if required), and execution of the Contract by the Administration.

Administration shall forward the formal Contract form and the appropriate forms for the payment and performance bonds (if any) to the bidder for execution. The bidder will execute the Contract form and return same, together with fully executed payment and performance bonds (if any), to the Administration within 10 days after receipt of same. After receipt of properly executed Contract form and payment and performance bonds, (if any), the Administration will execute the Contract within 60 days and forward the bidder a copy; provided, however, that the Board has approved the Contract if such approval is required. If the Administration fails to execute the Contract and the period of irrevocability has expired, the bidder may, as its sole remedy, withdraw its bid.

GP-3.05FAILURE TO EXECUTE CONTRACT

Failure of the bidder to execute the Contract and file acceptable security as defined in GP-3.03 within the time aforesaid shall be just cause for the annulment of the award and the forfeiture of the proposal guaranty which shall become the property of the State of Maryland, not as a penalty but in liquidation of damages sustained. Award may then be made to the next lowest responsive, responsible bidder or the work may be readvertised and constructed under Contract or otherwise, as the Administration may decide.