General Requirements and Covenants (2)

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• • • The bond shall be satisfactory to the Engineer, aid shall be executed on forms similar to the one shown in Appendix B, which will be furnished by the Engineer. Pursuant to Section 103-34 to 103-38 inclusive, Hawaii Revised Statutes, if the surety on any bond is other than a surety company authorized to do business under the laws of the State, the Engineer will also require such surety or sureties to severally deposit with him certified checks or certifi- cates of deposit, bonds, stocks or other negotiable securities, or execute and deliver to him a deed or deeds of trust, all of such character as shall be satisfactory to the Engineer, and each surety shall furnish such security to the full cash value of one hundred percent (100%) of the amount for which he shall have justified. The aforesaid security or securities shall be held: by the Engineer upon the terms and conditions and with the powers and trusts specified in said Sections 103-34 to 103-38 inclusive, and 507-17, Hawaii Revised Statutes. 3.6 EXECUTT0N 0F THE CONTRACT - The contract shall be signed by the success- ful bidder and returned, together with a satisfactory contract bond, within ten days, not including Sundays and legal holidays, after the bidder has received his contract for execution. No proposal or contract shall be considered binding upon the County until the contract has been fully executed in accordance with Section 13-13, Hawaii County Charter and Section 103-39, Hawaii Revised Statutes. . FAILURE TO EXECUTE THE CONTRACT - If the bidder to whom a contract is awarded shall fail or neglect to enter into the contract and furnish satis- factory security within ten consecutive calendar days after such award or with such further time as the Engineer may allow, his surety bond shall be declared forfeited and the Surety Corporation (made a party thereto) shall pay to the Engineer the full amount of said bond; or the Engineer shall retain the amount of his deposit or legal tender of certificate of deposit or certified check and utilize the same as a realization to the County. The Engineer may there- upon award the contract to the next lowest responsible bidder or may call for bids, whichever method he may deem is to the best interest of the County. 3.8 SCHEDULE OF PRICES - Unless the proposal requires unit price bids on all items in this project, the successful bidder will be required, after the award of contract to submit a schedule of prices for the various items of construc- tion which make up portions of the project included in the contract. The scam of the prices submitted for the various items must equal the lump sum bid in the bidder's proposal. This schedule will be subject to the approval of the Engineer and he reserves the right to reject same and require the bidder to submit another or several other schedules if in his opinion the prices are unbalanced. This schedule of prices shall be used for the purpose of determining the value of monthly payments due the Contractor for work installed complete in place. The Engineer shall estimate at the close of each month the percentage of work completed under each of the various construction items during such month, and the Contractor shall be paid said percentage of the price established for each item less a 5% retention. See also Section 9.6. Section 3 Page 11