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Resolution of the Mayor and Council of Princeton Authorizing a Final Change Order for the 2024 Roadway Resurfacing Project to Carroccia Company in the Amount of -$387,253.00; Authorizing a Final Payment of $60,994.56, Resulting in a Final Contract Amount of $1,391,323.20; Releasing the Performance Bond; and Accepting a Maintenance Bond in the Amount of $266,786.43
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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., six(6) bids were received, and a construction contract awarded to CCM Contracting, Inc. for the 2024 Roadway Resurfacing Project in Princeton, New Jersey for a contract amount of one million seven hundred seventy-eight thousand five hundred seventy-six dollars and twenty cents ($1,778,576.20); and
WHEREAS, the quantity of various bid items was reduced based on the field conditions, resulting in a reduction in the 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 -$387,253.00, which results in a final contract amount of one million three hundred ninety-one thousand three hundred twenty-three dollars and twenty cents ($1,391,323.20); and
WHEREAS, the Engineering Department recommends final payment in the amount of $60,994.56, and the release of the performance bond to CCM Contracting, Inc.
WHEREAS, CCM Contracting, Inc. has submitted an acceptable two-year Maintenance Bond in the amount of $266,786.43, which is fifteen percent of the final contract amount.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of Princeton hereby approve the final payment in the amount $60,994.56 and the release of the performance bond to CCM Contracting, Inc for 2024 Roadway Resurfacing in Princeton, New Jersey. The final revised contract amount shall be one million three hundred ninety-one thousand three hundred twenty-three dollars and twenty cents ($1,391,323.20).