Laserfiche WebLink
Federal Transit Administration Clauses <br /> bond. <br /> If the Bidder chooses to provide a Letter of Credit as its Performance Guarantee,the Bidder shall <br /> furnish with its bid, certification that an Irrevocable Stand-By Letter of Credit will be furnished <br /> should the Bidder become the successful Contractor. The Bidder shall also provide a statement <br /> from the banking institution certifying that an Irrevocable Stand-By Letter of Credit for the <br /> action will be providedif the Contract is awarded to the Bidder. The Irrevocable Stand-By Letter <br /> of Credit will only be accepted by the City of Everett if: <br /> 1. A bank in good standing issues it. The City of Everett will not accept a Letter of Credit <br /> from an entity other than a bank. <br /> 2. It is in writing and signed by the issuing bank. <br /> 3. It conspicuously states that it is an irrevocable, non-transferable, "standby" Letter of <br /> Credit. <br /> 4. The RECIPIENT is identified as the Beneficiary. <br /> 5. It is in an amount equal to 100%of the Contract value.This amount must be in U.S. <br /> dollars. <br /> 6. The effective date of the Letter of Credit is the same as the effective date of the <br /> Contract <br /> 7. The expiration date of the Letter of Credit coincides with the term of this Agreement. <br /> 8. It indicates that it is being issued in order to support the obligation of the Contractor to <br /> perform under the Contract. It must specifically reference the Contract between the City <br /> of Everett and the Contractor the work stipulated herein. <br /> The issuing bank's obligation to pay will arise upon the presentation of the original Letter of <br /> Credit and a certificate and draft (similar to the attached forms contained in Sections X and Y)to <br /> the issuing bank's representative at a location and time to be determined by the parties. This <br /> documentation will indicate that the Contractor is in default under the Contract. <br /> c. Payment Bonds <br /> A Labor and Materials Payment Bond equal to the full value of the contract must be furnished <br /> by the contractor to Recipient as security for payment by the Contractor and subcontractors for <br /> labor, materials, and rental of equipment. The bond may be issued by a fully qualified surety <br /> company acceptable to (Recipient) and listed as a company currently authorized under 31 C.F.R. <br /> part 223 as possessing a Certificate of Authority as described thereunder. <br /> 4. BUS TESTING (NOT APPLICABLE) <br /> The Bus Testing requirements pertain only to the purchase or lease of any new bus model, or any bus <br /> model with a major change in configuration or components to be acquired or leased with funds obligated <br /> by FTA. <br /> 5 <br />