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Federal Transit Administration Clauses <br /> 3. BONDING REQUIREMENTS <br /> Bonds are required for all construction or facility improvement contracts and subcontractsexceeding <br /> the simplified acquisition threshold. <br /> a. Bid Guarantee—Bid Bond <br /> This clause flows down and extends to all third-party contractors and their contracts. It must be <br /> included in every tier contract. <br /> Bidders shall furnish a bid guarantee in the form of a bid bond, or certified treasurer's or <br /> cashier'scheck issued by a responsible bank or trust company, made payable to the City of <br /> Everett. The amount of such guarantee shall be equal to five percent (5%) of the total bid price. <br /> In submitting this bid, it is understood and agreed by bidder that the City of Everett reserves the <br /> right to reject any and all bids, or part of any bid, and it is agreed that the Bid may not be <br /> withdrawn for a period of [90] days subsequent to the opening of bids, without the written <br /> consent of the City of Everett. <br /> It is also understood and agreed that if the undersigned bidder should withdraw any part or all <br /> of his bid within [90] days after the bid opening without the written consent of the City of <br /> Everett, or refuse or be unable to enter into this Contract as provided above, or refuse or be <br /> unable to furnish adequate and acceptable Performance and Payment Bonds, or refuse or be <br /> unable to furnish adequate and acceptable insurance, as provided above, it shall forfeit its bid <br /> guarantee to the extent City of Everett's damages occasioned by such withdrawal, or refusal, or <br /> inability to enter into an agreement, or provide adequate security thereof. <br /> It is further understood and agreed that to the extent the defaulting bidder's bid guarantee shall <br /> prove inadequate to fully recompensate the City of Everett for the damages occasioned by <br /> default, then the undersigned bidder agrees to indemnify the City of Everett and pay over to the <br /> City of Everett the difference between the bid guarantee and City of Everett's total damages so <br /> as to make the City of Everett whole. <br /> The undersigned understands that any material alteration of any of the above or any of the <br /> material contained herein, other than that requested will render the bid unresponsive. <br /> b. Performance Guarantee—Performance Bond <br /> A performance guarantee in the amount of one hundred percent (100%) of the Contract value is <br /> required by the Recipient to ensure faithful performance of the Contract. Either a Performance <br /> Bond or an Irrevocable Stand-By Letter of Credit shall be provided by the Contractor and shall <br /> remain in full force for the term of the Agreement. The successful Bidder shall certify that it will <br /> provide the requisite Performance Guarantee to the City of Everett within ten (10) business days <br /> from Contract execution. The City of Everett requires all performance bonds to be provided by a <br /> fully qualified surety company acceptable to the City of Everett and listed as a company <br /> currently authorized under 31 C.F.R. part 22 as possessing a Certificate of Authority as described <br /> hereunder. The City of Everett may require additional performance bond protection when the <br /> contract price is increased.The increase in protection shall generally equal one hundred percent <br /> (100%) of the increase in contract price. The City of Everett may secure additional protection by <br /> directing the Contractor to increase the amount of the existing bond or to obtain an additional <br /> 4 <br />