Performance Bond Summary

This is a Performance Bond document related to the Town of Waterford, Connecticut's Request for Proposal #26-001 for a complete reappraisal and revaluation of all real property within the town's corporate limits, effective October 1, 2026. The project encompasses comprehensive property assessment services including inspection, measurement, and listing of physical improvements for properties sold between October 1, 2024, and October 1, 2026, as well as properties with incomplete construction or open building permits. The contractor must utilize the town's existing CAMA software from Vision Government Solutions Inc. and is responsible for data conversion, entry, comprehensive property valuation, development of land and building cost schedules, sales analysis, and implementation of a quality control program. The RFP was released on August 28, 2025, with proposals due by September 25, 2025, at 3:00 pm. The project timeline spans from March 23, 2026, to January 11, 2027, with the successful proposer required to execute the contract within 5 business days of award.

Contractors must provide a bid bond for 5% of the total project cost and are required to execute 100% performance bonding upon contract award, along with required insurance certificates. The performance bond requirement ensures the contractor's obligation to complete all deliverables, including development of valuation schedules, completion of field work, data entry, quality control reviews, and public relations efforts to inform taxpayers about the revaluation process. No specific budget range is provided in the documentation, though the comprehensive nature of the project suggests a significant investment. The procurement does not specify explicit set-aside designations or restrictions for disadvantaged enterprises. The contractor must demonstrate proven municipal revaluation experience specific to Connecticut's revaluation standards through documentation of past projects, legal history, and professional certifications.