Five percent (5%) of the total contract will be retained by the Town for a period of thirty (30) days from the completion of the final assignment per contract award year. The Contractor shall pay for all materials, tools, and other expendable equipment at 100% of the cost no later than 30 days after delivery of said materials, tools, and equipment to the job site and providing said materials, tools, and equipment are in a condition satisfactory to the Contractor and the Parks & Recreation Director. The balance of the cost thereof is to be paid before the final payment and acceptance by the Town. Unpaid outstanding bills for materials constitutes an incomplete project and will hold up final payment to the Contractor. The Contractor shall pay to each of his subcontractors, not later than ten (10) days following each payment to the Contractor, the respective amount of the work performed by his subcontractors to the extent of each subcontractors interest therein. Payment for work shall be done by purchase order and subsequently a check or electronic payment to the Contractor upon weekly inspection and approval of the Parks & Recreation Director and/or his designee. A Performance, Materials, and Labor Bond in the amount of $20,000 will be required from the successful bidder for the faithful performance of the contract. The bond must be made out in favor of Ledyard and executed by a surety company authorized to do business in the State of Connecticut. The security must be posted and accepted within thirty (30) days of the notification of award and prior to the commencement of any work under the contract. The period of the contract will be from July 1, 2019 through June 30, 2023 with an option to renew at the same terms and at the pricing stated on the bid form for an additional two (2) years upon mutual consent of both parties. The Towns exercise of the option to renew will be based upon satisfactory seasonal evaluations, sufficient operating budget appropriation, overall performance, response time, cooperation, job productivity, and, most importantly, dependability. A contract and all insurance forms are to be signed and in effect within 30 days of signing the contract. Please direct all inquiries concerning the performance of this bid to Donald A. Grise, Director of Parks and Recreation, at 860-464-9112, and all inquiries concerning the bid procedure to Marcia Hancock, Director of Finance, at 860-464-3235. Contact of any Town official other than these two listed may be cause for rejection of bidders proposal.