2016 ORDINANCES - Laserfiche WebLink

Home Browse Search

6. Section 12-180 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 12-180. -Contract pricing arrangement. (a) Except as provided herein, public contracts may be awarded on a fixed price or cost reimbursement basis, or on any other basis that is not prohibited. (b) Except in the case of emergency affecting public health, safety or welfare, no public contract shall be awarded on the basis of a cost-plus a percentage of cosh. A policy or contract of insurance or prepaid coverage having a premium computed on the basis of claims paid or incurred, plus the insurance carrier's administrative cost and retention stated in whole or in part as a percentage of such claims, shall not be prohibited by this section. 7. Section 12-184 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 12-184. -Performance and payment bonds generally. (a) Upon the award of any public construction contract exceeding $500,000.00 awarded to any prime contractor, in accordance with Code of Virginia & 2 2-4337 as amended. restated or moved from time to time, such contractor shall furnish to the city the following bonds: (1) A performance bond in the sum of the contract amount conditioned upon the faithful performance of the contract in strict conformity with the plans, specifications and conditions of the contract. (2) A payment bond in the sum of the contract amount. Such bond shall be for the protection of claimants who have fulfilled contracts to supply labor or materials to the prime contractor to whom the contract was awarded, or to any subcontractors, in the furtherance of the work provided for in such contract, and shall be conditioned upon the prompt payment for all such material furnished or labor supplied or performed in the prosecution of the work. "Labor or materials" shall include public utility services and reasonable rentals of equipment, but only for periods when the equipment rented is actually used at the site. (b) Each bond required by this section shall be executed by one or more surety companies selected by the contractor which are legally authorized to do business in the commonwealth. Such bonds shall be filed with and payable to the city. (c) Nothing shall preclude the nurchasin~ administrator from reauirin~ navment or performance bonds for construction contracts below~f $500,000.00, ',. ~-~-~-~Pkfr~r ,.., a ,. r 7