Description
The contract is for the remodel of the Institutional Residence at Utah Valley University. The scope of work includes demolition, repair, and refinish of existing walls, ceilings, and finishes, as well as new walls, doors, storefront, finishes, and fixtures. The contract also includes electrical, HVAC, and fire sprinkler modifications. The estimated budget for the project is $207,000.00, and the substantial completion date is July 16, 2021. The contract was awarded through an Invitation for Bid (IFB) process, and the bid submission date was 3/31/2021. Some key points to consider are:
• The contract requires a bid bond in the amount of 5% of the bid amount.
• The contract requires a performance bond and a payment bond, each covering 100% of the contract amount.
• The contract has a liquidated damages clause, with a penalty of $200.00 per day for failure to complete the work on time.
• The contract requires the contractor to provide a list of subcontractors within 24 hours of the public posting of the bid tabulation.