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71-D5 <br /> <br /> proposal for the work contemplated, will cause the rejection of all proposals in <br /> which said bidder is interested. <br /> <br /> D. Proposals in which prices are obviously unbalanced may be rejected by the <br /> City Council. <br /> <br />3.00 AWARD AND EXECUTION OF CONTRACT <br />3.01 AWARD OF CONTRACT <br /> <br /> A. Award of the contract, if it be awarded, will be to the lowest responsible bidder <br /> whose proposal complies with all of the prescribed requirements and the Notice <br /> to Bidders, subject to the provisions of the Charter of the City of Redwood City <br /> and of Article VII commencing at Section 2.63 of Chapter 2, of the City Code, <br /> provided his bid is reasonable, and it is in the interest of the City to accept it. <br /> <br />3.02 EXECUTION OF CONTRACT <br /> <br /> A. The Contract shall be deemed executed when the agreement form <br /> incorporated in these Contract Documents is executed by the successful bidder <br /> and returned to the City together with necessary contract bonds, insurance <br /> information or declaration pages, endorsements and certificates within twenty <br /> (20) calendar days, including Saturdays, Sundays, and legal holidays, after the <br /> date of award of Contract. The Agreement shall be executed in triplicate, one <br /> copy of which shall be returned to Contractor by City after execution by City. <br /> <br /> B. In the event of any failure or discrepancy between any portion of the <br /> Agreement and any portion of the other contract documents, the Agreement <br /> shall prevail. No proposal shall be considered binding upon the City until the <br /> execution of the Contract. Failure to execute the Contract and file acceptable <br /> bonds and insurance policies or certificates as provided herein, within such <br /> t~venty (2(.)) calendar day period, shall constitute just cause for the annulment of <br /> the award, and forfeit of proposal guarantee to the City as liquidated damages. <br /> <br />3.03 CONTRACT SECURITY <br /> <br /> A. All bonds shall be in form as contained herein, or as approved by City. The <br /> Contractor shall furnish a corporate surety bond in an amount equal to one <br /> hundred percent (100%) of the contract price. Contractor shall also furnish a <br /> separate surety bond in an amount equal to one hundred percent (100%) of the <br /> contract price as security for the payment of all persons performing labor and <br /> furnishing materials in connection with this Contract. Sureties of each of said <br /> bonds shall be satisfactory to the City. Said bonds shall be furnished <br /> concurrently with, or before submission of, the executed Agreement to the City: <br /> <br /> B. No payment or delay in payment, and no change, extension, addition or <br /> alteration of any provision of said Contract, or in said plans and profiles, detail <br /> drawings, and specifications, and forbearance on the part of the City, shall <br /> operate to relieve any surety or sureties from liability on the bond, and consent <br /> thereto without notice to or consent by such surety, is hereby given. <br /> <br />GENERAL CONDITIONS 00210~7 <br /> <br /> <br />