When The Documents Come Back From The Contractor

After the successful bidder returns the executed contract agreement, performance bonds & payment bonds, etc. check each copy thoroughly for signatures. Make a copy of each item when they come back from the Contractor and put them in the Masters.

Check the insurance certificates for sufficient coverages, expiration dates and certification that they meet requirements of the specifications. Also check to make sure the insurance terms and period of coverages are correct. The Certificate of Insurance Cancellation Statement should read as follows:

Should any of the above described policies be canceled before the expiration date thereof, the issuing company shall mail 30 days written notice to the below named certificate holder. (Strikeover of any additional words on the printed form is permissible).

Pay close attention to the Insurance Section of THE GENERAL CONDillONS. Besure to check Sections 21.1.1 - 21.1.5 and 21.3.2. Also be sure to check the totals in Section 21.3.1.

We must have the statement from the Contractor that says the insurance requirements of these specifications have been fully met by the insurance coverage certified.

After we receive the performance and · payment bonds back from the low bidder and they have been executed & approved, we can return the remaining two bid bonds to the 2nd and 3rd lowest bidders. We should keep the bid bond for the low bidder until the Contracts have been signed.