103Award and Execution of Contract

103.01 Consideration of Proposals. After the proposals are op ened and read, they will

be compared on the basis of the summation of the products of the quantities shown in the bid schedule and the contract unit prices bid. The results of comparisons will be immediately available to the public. In the event of a discrepancy between any contract unit price and its extension, the contract unit price shall govern. Resident Contractors actually domiciled in Mississippi are to be granted preference over nonresidents in awarding of Contracts financed 100% with State funds as provided herein. In consideration of proposals that are equal to or in excess of $50,000 and financed 100% with State funds, a nonresident bidder domiciled in a state having laws granting preference to local Contractors will be considered for such contracts on the same basis as the nonresident bidder's state awards contracts to Mississippi Contractors bidding under similar circumstances. When a nonresident Contractor submits a bid equal to or in excess of $50,000 on a contract financed 100% with State funds, a copy of the current laws from the state of domicile and an e xplanation thereof pertaining to treatment of nonresident Contractors shall be attached. If no preferen tial treatment is provided for Contractors in the state of domicile and contracts are aw arded to the lowest responsible bidder, a statement to this effect shall be attached. Should the attachment not accompany the bid when submitted, the Contractor shall have 10 days following the opening of the bids to furnish the required information to the Contract Administration Engineer for attachment to the bid. As used herein, the term "resident Contractors" includes a nonresident person, firm or corporation that has been qualified to do business in this State and has maintained a permanent full-time office in the State of Mississippi for two years prior to January 1, 1986, and the subsidiaries and affiliates of such a person, firm or corporation.

103.02 Award of Contract. The award of a Contract will be made within 60 calendar

days after the opening of proposals to the lowest responsive and responsible bidder, except as provided in Subsection 103.01 for preferential treatment situations, whose proposal complies with all the requiremen ts prescribed. The award of Contracts involving the expenditure of Federal funds is contingent upon concurrence of the Federal Agency whose funds are being used. The succes sful bidder will be notified of the award by letter mailed to the address shown on the proposal.

103.03 Cancellation of Award. The Department reserves th e right to cancel the award

of a Contract for any reason, any time pr ior to the execution by all parties without liability against the Commission, Department, or any of its officers or employees.

103.04 Return of Proposal Guaranty. The proposal guaranty of each bidder, except

those of the two lowest responsive bidders, w ill be returned within 10 days of Contract award. The retained proposal guaranty of th e unsuccessful of the two lowest responsive bidders will be returned within ten days following the execution of a Contract with the successful low responsive bidder. The retained proposal guaranty of the successful bidder will be returned after satisfactory performance and payment bonds have been furnished and the Contract has been executed. In the event all bids are rejected by the Co mmission, certified checks or cashier's checks submitted as a proposal guaranty by all bidder s will be returned within 10 days of rejection. In the event no award is made within 30 da ys after the opening of bids, the Executive Director may permit the successful bidder to replace the certified check or cashier's check with a satisfactory bidder's bond. Should no award be made within 60 calendar days, all proposals will be deemed rejected and all proposal guaranties returned unless the lowest responsive and responsible bidder, at the request of the Commission, agrees in writing to a longer delay prior to the execution of the 60 days.

103.05 Contract Bonds.

103.05.1 Requirement of Contract Bonds. Prior to the execution of the Contract, the

successful bidder shall execute and deliver to the Executive Direct or a performance and payment bond(s) in the form required by the Commission and in a sum equal to the full amount of the Contract as a guaranty for complete and full performance of the Contract and the protection of the appr opriate claimants and the De partment for materials and equipment and full payment of wages in accordance with Miss. Code Ann. § 65-1-85(as amended). In the event of the award of a joint venture, each individual, partnership, firm or corporation shall assume jointly the full obligations under the executed Contract, executed Supplemental Agreements, and the contract bond(s).

103.05.2 Form of Bonds. The form of bond(s) shall be that provided by the Contract.

These bonds shall be executed by a Mississippi agent or qualified nonresident agent and shall be accompanied by a certification as to authorization of the attorney-in-fact to commit the Surety company. A power of attorney exhibiting the Surety's original seal supporting the Mississippi agent or the qualifie d nonresident agent's signature shall be furnished with each bond. The Surety co mpany shall be curren tly authorized and licensed in good standing to conduct business in the State of Mississippi with a minimum rating by A.M. Best of (A-) in the latest pr inting of "Best's Key Rating Guide" to write individual bonds up to ten percent of the policy holders' surplus or listed on the current list of “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Compan ies” as published by the United States

Award and Execution of Contract in other states

• Alaska 103 · AWARD AND EXECUTION OF CONTRACT
• Alabama 103 · AWARD AND EXECUTION OF CONTRACT
• Arkansas 103 · AWARD AND EXECUTION OF CONTRACT
• Colorado 103 · AWARD AND EXECUTION OF CONTRACT
• Georgia 103 · Award and Execution of Contract
• Idaho 103 · AWARD AND EXECUTION OF CONTRACT
• Indiana 103 · AWARD AND EXECUTION OF CONTRACT
• Kansas 103 · Award and Execution of Contract