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Resolution of the Mayor and Council of Princeton Authorizing a Final Change Order in the Amount of -$124,025.82 and Authorizing a Final Payment of $212,503.64, Resulting in a Final Contract Amount of $3,565,087.31, and the Release of Performance Bond for the Phase III Roadway Improvements to Witherspoon Street project to Earle Asphalt Company and Acceptance of a Maintenance Bond in the Amount of $534,763.10.
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WHEREAS, pursuant to duly advertised Notice to Bidders in accordance with the New Jersey Public Contracts Law, N.J.S.A. 40A:11-1 et seq., four(4) bids were received, and a construction contract awarded to Earle Asphalt Company for the Phase III Roadway Improvements to Witherspoon Street project in Princeton, New Jersey for a contract amount of three million six hundred eighty-nine thousand one hundred thirteen dollars and thirteen cents ($3,689,113.13); and
WHEREAS, the quantity of various bid items was reduced based on the field conditions including the use of three prefabricated raised crosswalks, resulting in a reduction of construction time and overall contract price; and
WHEREAS, the Engineering Department advises that the construction project is complete and recommends the approval of a final change order amount of -$124,025,82, which results in a final contract amount of three million five hundred sixty-five thousand eighty-seven dollars and thirty-one cents ($3,565,087,31); and
WHEREAS, the Engineering Department recommends final payment in the amount of $212,503.64, and the release of the performance bond to Earle Asphalt Company; and
WHEREAS, Earle Asphalt Company has submitted an acceptable two-year Maintenance Bond in the amount of $534,763.10; and
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of Princeton hereby approve the final payment in the amount $212,503.64 and the release of the performance bond to Earle Asphalt Company for Phase III Roadway Improvements to Witherspoon Street in Princeton, New Jersey. The final revised contract amount shall be three million five hundred sixty-five thousand eighty-seven dollars and thirty-one cents ($3,565,087,31).