_GENERAL DOCUMENTS - C1981017 ‎(168)‎

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Name: Bid Documents ‎(IMP)‎
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

February 22, 1993
4. BID BOND
A bid bond is required for all jobs. A bid guarantee in an amount not less than five percent
(5%) 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 successful bidder will be required to submit certificates showing the following minimum
coverage:
1. Standard Worker's Compensation and Employer Liability, as required by
State Statute including occupational disease, covering all employees at the
work site.
2. General Liability (Public Liability & Property Damage) (Minimum):
a. Combined single limit of $600,000 written on an occurrence basis;
b. Any aggregate will not be less than $1 million;
C. The contractor must purchase additional insurance if claims reduce
the annual aggregate below $600,000;
d. The State of Colorado must be named as additional insured on each
comprehensive general liability policy;
e. Certificates of insurance must be provided to the State within 10
working days after receipt of Award; and,
f. Insurance shall include provisions providing notification to the State
10 days prior to cancellation of the coverage.
3. Automobile Liability (Minimum). The contractor must carry a minimum of
$600,000 combined single limit.
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