6-Sample Contract Retention Preference Form.pdf
PDF 93 KB Posted
- Solicitation number
- 2027-13
- Issued by
- Multnomah County, Oregon
About this file
This is a Contract Retention Preference Form related to the Construction of Lighting and Rectangular Rapid Flash Beacons project in Oregon. The form appears to be a sample document designed to capture and document preferences regarding contract retention for bidders or contractors involved in this procurement opportunity. The form likely serves as a standardized template for interested parties to indicate their preferences or qualifications related to retaining work on the project, though specific project timelines, quantities, meeting dates, and contract term information are not detailed within the form itself.
The form establishes a mechanism for documenting contractor preferences and retention criteria as part of the bidding or award process for this lighting and beacon installation project. Additional details regarding pricing terms, set-asides, incumbent information, funding sources, and other salient procurement requirements would be found in the primary solicitation documents and bidding materials associated with this Oregon state and local contract opportunity rather than within this preference form template.
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Text version
CONTRACT RETENTION PREFERENCE FORM
FOR: CONTRACTOR
PROJECT
TO THE CONTRACTOR:
Contractors have the following options regarding public contract retention monies. Each Contractor must choose one of the following methods of handling retention:
Option Description [ ] 1. The City will hold all retention in a fund and will disburse the money directly to the Contractor upon final acceptance of the project. ORS 279C.560(2)(a).
[ ] 2. The City will deposit the accumulated retainage in an interest-bearing account with a bank or other financial institution. Earnings on the account accrue to the contractor. ORS 279C.560(5)
[ ] 3. The Contractor may deposit bonds, securities or other instruments listed in ORS 279C.560(6) that are negotiable by the City with the City or in a bank or other financial institution, to be held by the City instead of cash retainage for the benefit of the City, which the City will accept unless the City first finds in writing good cause for rejection based on unique project circumstances, in accordance with ORS 279C.560(1)(c). This deposit must be made before any progress payments will be made on the contract. All securities deposited will be returned to the Contractor upon final acceptance of the project.
[ ] 4. The Contractor may submit a Surety bond in lieu of all or a portion of the retainage required under the Contract. The City will accept this Surety bond unless the City first finds in writing good cause for rejection based on unique project circumstances in accordance with ORS 279C.560(1)(c). The Surety bond must be in substantially the form specified in ORS 701.435
(4) and executed by a Surety bonding company that is authorized to transact Surety business in the State of Oregon and may not be a Surety obligation of an individual. The Surety bond and any proceeds of the Surety bond must be made subject to all claims and liens and in the same manner and priority specified for retainage under ORS 279C.550 to 279C.570 and ORS 279C.600 to 279C.625. The City will reduce the cash retainage held by an amount equal to the value of the Surety bond and pay the amount of the reduction to Contractor according to ORS 279C.570.
The choice shall remain in effect for the life of the project, except that if a contractor receives a surety bond from a subcontractor any time prior to final payment, the City will accept the surety bond subject to the requirements of ORS 279C.560(8). Please indicate your choice by marking one of the boxes above and have an authorized representative sign below.
If the City incurs additional costs as a result of the exercise of any of these options for retainage, the City may recover such costs by reduction of the final payment.
No progress payments shall be made until this form is returned to the Project Manager.
Signed _________________________________________________________
Date ______________________Print Name
CONTRACT RETENTION PREFERENCE FORM
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