1991-04-11_GENERAL DOCUMENTS - C1981031

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• 4/02/90 4. BID BOND A bid bond is required for all jobs. A bid guarantee in an amount not less than 5 percent of the total bid price must be submitted in the form of a firm commitment, such as a bid bond, bank money order, certified check or cashier's check . Checks or money orders should be made payable to the Treasurer, State of Colorado. If a bid bond is submitted, the State form shall be used. An irrevocable letter of credit is not acceptable as a bid guarantee. Bid guarantees, other than bid bonds, will be returned (a) to unsuccessful bidders as soon as practicable after the opening of bids, and (b) to the successful bidder upon execution of such further contractual documents and bonds (including any necessary coinsurance or reinsurance agreements) as may be required by the bid as accepted. Failure to furnish a bid guarantee in the proper form and amount by the time set for opening of bids may be cause for rejection of the bid. If the successful bidder, upon acceptance of his bid by the OWNER, fails to execute such further contractual documents, and give such bond(s) (including any necessary coinsurance or reinsurance agreements) as may be required within ten (10) days after receipt of the Notice of Award, the contract may be terminated for default. In such event the CONTRACTOR shall be liable for any cost of procuring the work which exceeds the amount of his bid, and the bid guarantee shall be available toward offsetting such difference. 5. INSURANCE AND THREE-WAY AGREEMENTS The CONTRACTOR shall procure, at his or her own expense, and maintain for duration of the work, the following insurance coverages; the state shall be issued certificates as an "Additional Insured": A. Standard Workman's Compensation Employers' Liability, including occupational disease, covering all employees engaged in performance of the work at the site, in the amount required by State statutes. B. Comprehensive General Public Liability and Property Damage Insurance with the following limits: Bodily Injury $400,000 Each Occurrence Property Damage $400,000 Each Occurrence C. Comprehensive Auto Liability and Property Damage Insurance with the following limits: Bodily Injury $150,000 Each Person $400,000 Each Occurrence Property Damage $400,000 Each Occurrence If workman's compensation insurance is carried by the State Compensation Insurance fund, evidence of such coverage shall be submitted on its Certificate of Insurance Form; if by private carrier, on Certificate of Insurance, State Form SC-6.222, Part A. available from the Division of Central Services/Central Stores. MLRD-3