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ARTICLE 20 - CONTRACT SECURITY AND INSURANCE <br />20.01 Article 5 of the General Conditions, as may be modified by the Supplementary Conditions, <br />sets forth OWNER's requirements as to performance and payment Bonds and insurance. When <br />the Successful Bidder delivers the executed Agreement to OWNER, it must be accompanied by <br />such Bonds, unless the Bonds have been waived due to the total contract being less than <br />$50,000. <br />ARTICLE 21 - SIGNING OF AGREEMENT <br />21.01 When OWNER gives a Notice of Award to the Successful Bidder, it shall be accompanied <br />by the required number of unsigned counterparts of the Agreement with the other Contract <br />Documents which are identified in the Agreement as attached thereto. Within fifteen (15) days <br />thereafter, Successful Bidder shall sign and deliver the required number of counterparts of the <br />Agreement and attached documents to OWNER. <br />21.02 OWNER shall return one fully signed counterpart to Successful Bidder. <br />21.03 Should Bidder to whom the Contract has been awarded refuse or fail to complete the <br />requirements of Article 21.01 above, the additional time in calendar days, required to correctly <br />complete the documents will be deducted, in equal amount, from the Contract time. Or, the <br />OWNER may elect to revoke the Award and the OWNER shall hold the Bid Bond for <br />consequential damages incurred, and the Contract may be awarded as the OWNER desires. <br />* * END OF SECTION * * <br />00200 - Instructions to Bidders REV 04-07 <br />00200-10 <br />F:\Engineering\Capital Projects\0216-12th Street Between 16th Avenue and 11th Place\0216 Bid Documents\00200 - Instructions to Bidders REV 04-07.doc Rev. 05/01 <br />