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FanwoodRed Risk

ClosedGeneral

South Avenue Train Station Parking Lot

BID #: N/A

ISSUED: 5/1/2024

DUE: 6/4/2024

VALUE: TBD

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Red Risk

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Executive Summary

This document outlines the bid specifications for the South Avenue Train Station Parking Lot Improvements Project in Fanwood, NJ. The project entails the installation of a parking lot light, curb and inlet repairs, milling and paving, and striping. All work must be completed within 30 calendar days from the Notice to Proceed, and must be done in July or August. The bid opening is scheduled for June 4, 2024 at 10:00 AM.

Detailed Risk Breakdown

local preference

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performance bond

Evidence Detected

3 CLAUSES FOUND

"...The successful Bidder is required to submit, along with the Contract executed by the Bidder, executed Performance and Payment Bonds in the amount of one hundred percent (100%) of the awarded Bid Proposal as security for the faithful performance of this Contract...."

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liquidated damages

Evidence Detected

1 CLAUSES FOUND

"...If the Contractor is permitted to finish the Work after the specified period of completion, the Owner shall have full authority to deduct and retain from any payments to the Contractor a sum calculated at the rate set forth in the Special Provisions for each Calendar Day after the required date of full completion that the Work is not substantially completed, all as liquidated damages and not as a penalty, to defray loss to the Owner due to the failure to substantially complete the Work in the stipulated time...."

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