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‘) <br /> r." . <br /> -3- <br /> Right to Reject Proposals <br /> The Community Development/Housing Rehabilitation Office reserves the right to <br /> reject any or all bids, to advertise f6r new bids, or to proceed to do the <br /> work otherwise; if, in its judgment, the best interests of the owner will be <br /> thereby served. <br /> Contract Bond <br /> The successful bidder shall, at the time of the execution of the contract, <br /> furnish a contract bond/cash in the amount of $500,00. 'The bond shall be to <br /> the County of Orange, in a form and with surety, or sureties, acceptable to . <br /> the Community Development/HoUsing Rehabilitation Office to insure the proper - <br /> and prompt completion of the work in accordance with the provisions of the <br /> contract. The Contract bond will be returned upon successful. completion of 1 <br /> the rehabilitation work. e. <br /> Certificate of Authority <br /> Any surety company which proposes to execute a bond as required by the contract <br /> shall have on file with the Community Development/Housing Rehabilitation Office <br /> a certified copy of its Certificate of Authority to transact business in the <br /> State of North Carolina. <br /> Execution of Contract <br /> The individual, partnership, corporation or joint venture awarded the contract <br /> shall execute a contract with the County on Grants and with the homeowner on <br /> Loans. <br /> Failure to Execute Contract <br /> Failure to execute the contract and file acceptable bond within 15 days after <br /> the contract has been notified shall be just cause for the cancellation of the <br /> award and the forteiture of the proposal guaranty. Award may then. be made to <br /> the next lowest responsible bidder. <br /> t" <br />