1−21 The successful bidder will first receive a Notice of Tentative Award. This written communication will indicate the conditional intention of the State to award the Contract and instruct the successful bidder to arrange for the execution of the Contract Agreement and Contract Bond and for the delivery of the Certificates of Insurance, all as hereinafter provided. On Contracts jointly bid, Contractors will be held jointly and severally liable for the entire Contract. Corporate bidders must furnish documentary evidence that they have met all legal requirements to transact business in the State of Rhode Island as a condition precedent to approval of the Contract. 103.03 CANCELLATION OF AWARD . Both the Department and Division of Purchases reserve the right to cancel the award of any Cont ract before the execution thereof by all parties without any liability against the State. 103.04 RETURN OF PROPOSAL GUARANTY . The State reserves the right to retain the surety of all bidders until either the successful bi dder enters into the Contract or until such time as the award or cancellation of the Contract is announced. At this point sureties will be returned to all bidders. A Contractor will not be released from the bidding obligation because of an alleged error in the preparation of the Proposal unless the State returns the Contractor's Proposal Guaranty.
103.05 CONTRACT BOND . At the time of the execution of the Contract, the successful bidder
shall furnish a Contract Bond in a sum equal to the full amount of the Contract. The Contract Bond shall guarantee the following; complete performance of the Contract; full payment for all materials and equipment; and full payment of all wages of labor. The form of the Contract Bond shall be acceptable to both the Department and the Division of Purchases. In the event the surety fails or becomes financially insolvent, the successful bidder shall file a new Bond in the amount designated by the Department within thirty (30) days of such failures or insolvency. The Bond submitted to the Department shall be provided by a surety both acceptable to the Department and licensed and authorized to conduct business in the State of Rhode Island. All surety companies must be listed with the Department of the Treasury, Fiscal Services, Circular 570, (Latest Revision published by the Federal Register). Subsequent to award of Contract, the Department or Division of Purchases may call for additional security as required. Changes, additions, and modifications to the Contract may be made without the consent of surety. 1−22
103.06 EXECUTION AND APPROVAL OF THE CONTRACT . The Contract shall be executed
by the successful bidder, hereinafter referred to as the Contractor, in accordance with the instructions contained in the Notice of Tentative Award. At the specified time and place, the Contractor shall deliver the Contract Bond and r equired Certificates of Insurance, execute the Contract Agreement, and comply with all other stipulations set forth in said notice. Receipt by the Contractor of the executed Contract Agreement and a Purchase Order signed by the Director of the Department and/or the Purchasing Agent and the State Controller constitutes the official "Award" of the Contract. The Contract execution date may be extended by mutual agreement of the Department and the successful bidder. 103.07. FAILURE TO EXECUTE CONTRACT.
104.01 INTENT OF CONTRACT . The intent of the Contract is to provide for the construction
and completion in every detail of the work as described. The Contractor shall furnish all labor, materials, equipment, tools, transportation and supplies required to complete the work, all in accordance with the Plans, Specifications and terms of the Contract.