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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. Th...
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