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Littleton Public Schools Policy |
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Policy Code FEF Policy Name Construction Contracts Bidding and Awards Adoption July 2, 1984 Revised March 25, 1999 |
Bids will be required on all construction projects. The right is reserved to reject or accept any or all bids. Sealed bids will be opened at a public meeting. It will be the administration’s option to require that bidders submit with their bids a cashier’s check or a bid bond in an amount equal to a specified percentage of the bid. The bid bond will be retained until the contractor supplies a performance bond in accordance with state statute. All construction contracts will provide for retention in accordance with state statute, as follows:
“At least 90 percent of the calculated value of any work completed shall be paid until 50 percent of the work required by the contract has been performed. Thereafter, the District shall pay any of the remaining installments without retaining additional funds if, in the opinion of the Superintendent or designee, satisfactory progress is being made in the work. The withheld percentage of the contract price of any such work, improvement, or construction shall be retained until the contract is completed satisfactorily and finally accepted by the District.”
No performance bond will be released until completion and acceptance of the project covered by the bond.
Legal Reference: C.R.S. 38-26-106
C.R.S. 24-91-103