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Resolution of the Mayor and Council of Princeton Authorizing a Final Change Order in the Amount of $1,220.00 and Authorizing a Final Payment of $40,990.72, Resulting in a Final Contract Amount of $2,049,536.00, and Release of Performance Bond No. GRNJ67720 for Energy and HVAC System Improvements at the Princeton Municipal Building to LGB Mechanical, Inc. and Acceptance of a Maintenance Bond in the Amount of $307,430.40
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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 LGB Mechanical, Inc. for Energy and HVAC System Improvements at the Princeton Municipal Building for a contract amount of two million forty-eight thousand three hundred sixteen dollars and zero cents ($2,048,316.00); and
WHEREAS, the quantity of various bid items were reduced based on the field conditions, resulting in a reduction in the overall contract price, and
WHEREAS, the Engineering Department advises that the project construction is complete and recommends the approval of a final change order amount of $1,220.00 which results in a final contract amount of two million forty-nine thousand five hundred thirty-six dollars and zero cents ($2,049,536.00); and
WHEREAS, the Engineering Department recommends final payment in the amount of $40,990.72, and the release of the performance bond to LGB Mechanical, Inc., contingent upon receipt of an acceptable two-year Maintenance Bond in the amount of $307,430.40, which is fifteen percent of the final contract amount.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton hereby approves the final payment in the amount $40,990.72 for Energy and HVAC System Improvements at the Princeton Municipal Building. The final revised contract amount shall be two million forty-nine thousand five hundred thirty-six dollars and zero cents ($2,049,536.00).
BE IT FURTHER RESOLVED by the Mayor and Council of Princeton that performance bond no. GRNJ67720 be released to LGB Mechanical, Inc. as they have provided the acceptable Maintenance Bond.