Payment Bond Summary

This is a Payment Bond document associated with the Town of Waterford, Connecticut's comprehensive reappraisal and revaluation project (RFP #26-001). The project involves a complete reassessment of all real property—both taxable and exempt—within Waterford's corporate limits, effective October 1, 2026, excluding the Dominion Millstone Nuclear Power Station. The scope includes property inspection, measurement, listing of physical improvements for properties sold between October 1, 2024, and October 1, 2026, data conversion and entry into the town's Vision Government Solutions Inc. CAMA software, development of land and building cost schedules, sales analysis, and implementation of quality control programs. The Request for Proposal was released on August 28, 2025, with proposals due by September 25, 2025, at 3:00 pm. The project execution timeline runs from March 23, 2026, to January 11, 2027.

The payment bond requirement mandates that the successful contractor provide 100% performance bonding in addition to a bid bond equal to 5% of the total project cost. The contractor must execute the contract within 5 business days of award and maintain required insurance certificates throughout the project duration. While no specific budget is stated in the opportunity summary, the comprehensive nature of the municipal revaluation project for an entire town indicates a substantial financial commitment. The contractor must demonstrate proven municipal revaluation experience in Connecticut, including documentation of past projects, legal history, and professional certifications specific to Connecticut's revaluation standards. No incumbent vendor is identified, and there are no explicit set-aside designations for disadvantaged enterprises.