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CITY OF LOUISVILLE <br />PURCHASING POLICIES <br />EXAMPLES OF BONDS <br />BID BONDS: The bid bond requirement may be satisfied by receipt of a certified bank check <br />or a bid bond. The bid security is submitted as guarantee that the bid will be maintained <br />in full force and effect for a period of thirty (30) calendar days after the opening of bids <br />or as specified in the solicitation documents. If the supplier/contractor fails to provide the <br />bid security with the bid, the bid shall be deemed non -responsive. The bid bond shall be <br />at least 10% of the vendor's bid price if the bid is over $150,000 and at least 5% of the <br />vendor's bid if under $150,000. <br />PERFORMANCE BONDS: A performance bond, satisfactory to the City, may be required for <br />any contract and will be used for all contracts for public buildings, works or improvements <br />awarded in excess of $150,000 per state statute. The performance bond shall be in <br />amount equal to 50% of the price specified in the contract, or any other higher amount <br />determined by the purchasing department to be in the best interest of the City. <br />PAYMENT BONDS: A payment bond for the protection of all persons supplying labor and <br />material to the contractor or its subcontractors may be required for all contracts awarded <br />in excess of $150,000. The payment bond shall be in an amount equal to 50% of the price <br />specified in the contract, or any other higher amount determined by the purchasing <br />department to be in the best interest of the City. <br />INSURANCE REQUIREMENT <br />All contractors are required to provide certificates of insurance with the City named as <br />additional insured, as specified in the contract agreement. <br />BIDDER LIST AND BID EVALUATION <br />A Bidder's List may be established and maintained by individual Departments in an effort <br />to promote competitive bidding from qualified vendors and to establish a source of <br />supplier. <br />In addition to the bid amount, additional factors will be considered as an integral part of <br />the bid evaluation process, including, but not limited to: <br />The bidder's ability, capacity and skill to perform within the specified time <br />limits; <br />• The bidder's experience, reputation, efficiency, judgment, and integrity; <br />• The quality, availability, and adaptability of the supplies or materials bid; <br />Bidder's past performance; <br />Sufficiency of bidder's financial resources to fulfill the contract; <br />14 <br />