Res60 3081 - Laserfiche WebLink

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• 3. The City Clerk of said City is hereby directed to pub- lish a notice inviting sealed proposals for the construction of said improvements, twice in the Redwood City Tribune, a newspaper of general circulation printed and published in said City, said publication being not less than ten days before the date fixed for the opening of bids. 4. The City shall, once in each month, cause an estimate in writing to be made by the City Engineer of the total amount of work done and the acceptable materials furnished and delivered by the Contractor on the ground and not used, to the time of such estimate, and the value thereof. The City of Redwood City shall retain ten percent (10%) of such estimated value of the work done and fifty percent (50%) of the value of the materials so estimated to have been furnished and delivered and unused as aforesaid as part security for the fulfillment of the contract by the Contrac- tor; and shall monthly pay to the Contractor, while carrying on the work, the balance not retained, as aforesaid, after deducting therefrom all previous payments and all sums to be kept or re- tained under the provisions of the contract, and the accumulation of said amounts so retained from said progressive payments will be paid to said Contractor thirty -five days after the completion and acceptance of said work by said City Engineer and the City Council 5. All proposals or bids shall be accompanied by a cashier's or certified check payable to the order of said City, amounting to ten percent (10%) of the bid, or by a bond in said amount and pay- able to said City, signed by the bidder and an admitted surety insurer. Said check shall be forfeited or said bond shall become payable to said City, in case the bidder depositing the same does not, within ten (10) days after written notice that the contract has been awarded to him, enter into a contract with the City. * * * * * * 2