Reso 2023-3533 - Laserfiche WebLink

Home Browse Search

DocuSign Envelope ID: 4A025638-AE&4-49F9-9947-81OB3DElBBDO funded when issued, therefore are current expense items and are not subject to any subsequent appropriation of funds. (b) In the event sufficient funds are not appropriated for the payment of lease payments or anticipated term contract payments required to be paid In the next occurring lease or contract term and if no funds are legally available from other sources, the lease or contract may be terminated at the and of the original term or renewal term and the CITY shall not be obligated to make further payments beyond the then current original or renewal term. The CITY will provide notice of Its Inability to continue the lease or contract at such time as the Manager of Procurement Services Is aware of the nonappropriation of funds; however, failure to notify does not renew the term of lease or contract. If a lease Is cancelled, the events of default will occur as described In the lease and/or the section titled TERMINATION FOR DEFAULT. The CITY has no monetary obligations in event of termination or reduction of a term contract since such contracts represent estimated quantities and are not funded as a contract, but only to the extent of purchase orders issued. Sec. 40. Performance and Maintenance Bond and Payment Bond. (a) If a Work Order is estimated to exceed $50,000.00 and is for the erection, construction, alteration, repair or improvement of any building, road, street, public utility or other public facility owned by the public entity as defined by Section 107.170, RSMo, CONTRACTOR shall obtain a performance and maintenance bond and payment bond as required by this Section. The City approved performance and maintenance bond and payment bond are incorporated in this Contract by reference and Contractor shall require its Surety to issue the performance and maintenance bonds and payment bonds on City approved forms. (b) All Bonds shall be executed by such sureties as are named in the current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. A certified copy of such agent's authority to act must accompany all Bonds signed by an agent. If the surety on any Bond fumished by Seller is declared bankrupt or becomes Insolvent, or its right to do business is terminated In any state where any part of the Project Is located or it ceases to meet the requirement of the preceding sentence, Seller shall within twenty (20) days thereafter substitute another Bond and surety, both of which must be acceptable to City. (c) The performance and maintenance bond and payment bond shall remain in effect at least one (1) year after the date when final payment becomes due, except as provided otherwise by Laws or Regulations or by the Contract Documents. (d) All Bonds required by the Contract Documents to be purchased and maintained by CONTRACTOR shall be obtained from surety that Is duly'licensed in the State of Missouri and In the jurisdiction in which the Project is located, if not In Missouri, to Issue Bonds. Ail surety companies shall hold an A.M. Best rating of B+, V, or better. (e) If the surety on any Bond furnished by Contractor is declared bankrupt or becomes Insolvent, or its right to do business is terminated in any state where any part of the Project is located or it ceases to meet the requirement of Paragraph 5.01 B, Contractor shall within twenty (20) days thereafter substitute another Bond and surety, both of which must be acceptable to City. MASTER CONTRACT FOR PRODUCTS AND SERVICES Page 15 c f 20 (REV. 12-05-16)