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of a firm commitment, such as a bid bond, bank money order, certified check or cashier's <br /> check. Checks or money orders should be made payable to the Treasurer, State of <br /> Colorado. If a bid bond is submitted, the State form shall be used. An irrevocable letter of <br /> credit is not acceptable as a bid guarantee. Bid guarantees, other than bid bonds, will be <br /> returned (a) to unsuccessful bidders as soon as practicable after the opening of bids, and <br /> (b) to the successful bidder upon execution of such further contractual documents and <br /> bonds (including any necessary coinsurance or reinsurance agreements) as may be <br /> required by the bid as accepted. <br /> Failure to furnish a bid guarantee in the proper form and amount by the time set for <br /> opening of bids may be cause for rejection of the bid. <br /> If the successful bidder, upon acceptance of his bid by the OWNER, fails to execute such <br /> further contractual documents, and give such bond(s) (including any necessary <br /> coinsurance or reinsurance agreements) as may be required within ten (10) days after <br /> receipt of the Notice of Award, the contract may be terminated for default. In such event <br /> the CONTRACTOR shall be liable for any cost of procuring the work which exceeds the <br /> amount of his bid, and the bid guarantee shall be available toward offsetting such <br /> difference. <br /> BID OPENING DATE <br /> The bid opening date for this project is Thursday, April 20, 2017 at 10:00 am. <br /> All bid openings are open to the public and bidders are welcome to attend and record <br /> the bid results. A written tabulation of the Bid results will be available to those bidders who <br /> submit an email address or a clearly-visible, self-addressed, stamped envelope with their <br /> bid. Please allow two weeks for receipt of Bid results. Telephone requests cannot be <br /> honored because of time constraints. <br /> Performance and Payment Bonds -ARE REQUIRED for bids over$50,000.00. <br /> The contractor shall furnish a labor and material payment bond for 100 percent of the <br /> original contract price and a performance bond for 100 percent of the original amount of <br /> the contract. The bonds are required by State Law, Title 24-105,202,203, C.R.S., as <br /> amended. The bonds shall be submitted using the State forms. A certified or cashier's <br /> check or bank money order may be accepted in lieu of the bonds. If a surety other than a <br /> bond is used, the State will hold fifty percent (50%) of the surety until the final settlement <br /> date and fifty percent (50%) for six (6) months after the final settlement date. <br /> RETAINAGE <br /> If the bid amount is between $50,000.00 and $149,999.00, 10 percent retainage will be <br /> withheld until the project has been satisfactorily completed and advertised. If the bid <br /> amount is $150,000.00 or over, 5% retainage will be withheld until the project has been <br /> satisfactorily completed and advertised. <br /> List of Equipment Offered. The List of Equipment Offered form must be returned with each <br /> bid. All equipment to be used on the project must be listed. The CONTRACTOR must own, <br /> have a current lease for the equipment intended to be used to perform the work, or must <br /> furnish a statement of arrangements to rent, or otherwise procure, adequate equipment <br /> to perform the work. Inclusion of a piece of equipment on the List of Equipment Offered <br /> represents a commitment to devote that piece of equipment to the project work for the <br /> entire duration of the project. If several contractors propose to join together to perform <br /> Page 3 of 14 <br />