Title
Approve Surety Riders to the Performance and Payment Bonds executed and provided by: 1) Newton Construction & Management, Inc.; 2) Quincon Inc.; and 3) Jacobs Construction & Design, to reflect 100% of the Maximum Contract Value ($4,949,291 each).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve the Surety Riders to the Performance and Payment Bonds executed and provided by: 1) Newton Construction & Management, Inc.; 2) Quincon Inc.; and 3) Jacobs Construction & Design, to reflect 100% of the Maximum Contract Value ($4,949,291 each).
SUMMARY/DISCUSSION:
On October 22, 2019, the Board of Supervisors awarded Facilities Job Order Contracts to Newton Construction & Management, Inc.; Quincon Inc.; and Jacobs Construction & Design for a maximum contract value (MCV) of $4,949,291. The successful bidder was required to furnish an initial payment bond and a performance bond for approximately 50% of the MCV, each in the amount of $2,500,000. The lower initial bonding requirement for Facilities Contracts was approved by the Board on July 24, 2018 to attract Contractors who may otherwise not bid on the Facilities projects due to the high bonding requirement relative to the guaranteed work of $25,000. If the aggregate Job Orders issued under any of the awarded Facilities Contracts exceeded $2,500,000, an increase in the Payment and Performance bonds for the corresponding Facilities Contract was required by the Board in an amount not less than 100% of the MCV of $4,949,291.
The aggregate JOC 2019 Facilities job orders issued to date are now nearing the initial performance and payment bond maximum of $2,500,000.
The cumulative job order value issued to date for Newton Construction & Management, Inc. is $2,434,192.44 with $65,807.56 remaining bonding capacity. The cumulative job order value issued to date for Quincon Inc. is $592,363.82 with $1,907,636.18 remaining bonding capacity. An additional three (3) Quincon job orders totaling ...
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