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Resolution of the Mayor and Council of Princeton Authorizing a Final Change Order in the Amount of -$231,360.21 and Authorizing a Final Payment of $270,641.45, Resulting in a Final Contract Amount of $4,071,410.95, and the Release of Performance Bond for the Phase II Roadway Improvements to Witherspoon Street project to S. Brothers, Inc. and Acceptance of a Maintenance Bond in the Amount of $581,750.43
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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 S. Brothers, Inc. for the Phase II Roadway Improvements to Witherspoon Street project in Princeton, New Jersey for a contract amount of four million three hundred two thousand seven hundred seventy-one dollars and eighteen cents ($4,302,771.18); 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 -$231,360.21, which results in a final contract amount of four million seventy-one thousand four hundred ten dollars and ninety-seven cents ($4,071,410.95); and
WHEREAS, the Engineering Department recommends final payment in the amount of $270,641.45, and the release of the performance bond to S. Brothers, Inc.; and
WHEREAS, S. Brothers, Inc. has submitted an acceptable two-year Maintenance Bond in the amount of $581,750.43; and
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of Princeton hereby approve the final payment in the amount $270,641.45 and the release of the performance bond to S. Brothers, Inc. for Phase II Roadway Improvements to Witherspoon Street in Princeton, New Jersey. The final revised contract amount shall be four million seventy-one thousand four hundred ten dollars and ninety-...
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