BID REQUIREMENTS BID SECURITY The Form of Bid Security shall be a BID BOND to accompany the Bid Proposal Package in the amount of 10% of the total bid price, but not in excess of $20,000, payable unconditionally to SJPC. It shall contain a Power of Attorney for the full amount of the Bid Bond from a surety company (see below). The Bond of an unsuccessful bidder shall be returned in the same manner as set out in N.J.S.A. 40A:11-24a. The Bond of the bidder to whom the contract is awarded shall be retained until a contract is executed and the required performance bond is submitted. The Bond of the successful bidder shall be forfeited if the bidder fails to enter into a contract. *Failure to submit Bid Security shall result in rejection of the bid. PERFORMANCE BOND Each bid shall also be accompanied by a letter of intent from the Bidder's Bonding Company confirming that, if the Bidder is awarded the Contract, the Bonding Company will furnish the required PERFORMANCE BOND EQUAL TO THE BID PRICE as security for the faithful performance of the Contract. The performance bonds shall not be released until final acceptance of the whole work and then only if any liens or claims have been satisfied. Each Surety submitted must be with a company that is rated at least A- or better with AM Best, authorized to do business in the State of New Jersey, and proof of same must accompany the bid. No oral interpretation and or clarification of the meaning of the specifications will be made to any bidder. Questions regarding this Request for Bid Proposals may be directed in writing to Patrick Boyle, Purchasing Manager at pboyle@southjerseyport.com. No questions will be answered after Tuesday, August 29th at 5pm. OVERVIEW The South Jersey Port Corporation (SJPC) is an agency of the State of New Jersey with a mission to develop, maintain and operate marine terminals and related intermodal transportation infrastructure within the South Jersey Port District. The agency has primary offices at 2 Aquarium Dr., Suite 100 and port operations at the Balzano Marine Terminal and the Broadway Terminal in Camden, New Jersey. The agency also has facilities in Salem and Paulsboro. SJPC is grantee of Foreign Trade Zone #142.