The equipment shall be in accordance with the specifications and proposed form of contract now on file at the City of Madison, by this reference made a part hereof, as though fully set out and incorporated herein: Furnishing 115 / 13.8 kV Power Transformer – Southeast Substation.
Each bid shall be made out on a bid form furnished by the Engineer and shall be accompanied by either a certified check, cashier’s check or bank draft payable to the City of Madison in a sum equal to five percent (5%) of the total bid and drawn on a state or national bank or by bid bond in a sum equal to ten percent (10%) of the total bid issued by a surety authorized to do business in the State of South Dakota and made payable to the City of Madison. The bid security must not contain any conditions either in the body or as an endorsement thereon. Such bid security shall be forfeited to the City as liquidated damages in the event the successful bidder fails or refuses to enter into a contract within ten (10) days after the award of contract and post satisfactory Performance Bonds.
Upon shipment of the completed equipment, the Supplier shall submit to the Owner a detailed statement of the equipment shipped and installed. The Owner shall, within thirty (30) days after delivery receipt of the material and associated invoice, pay the Supplier ninety percent (90%) of the Base Price of the material.
The Owner shall within thirty (30) days after final completion, field assembly, testing, required test reports, record Drawings, final documentation, and certification by Engineer, pay the Supplier the remaining ten percent (10%) of the Base Price. All materials shall be delivered by the dates set in the Specifications.