Bid Terms

Bid proposal is conditioned on a mutually acceptable form of terms and conditions of the subcontract document. RESCOM Electric & HVAC Co. rights and all benefits shall be protected, defended and integrated into the final negotiated version of the master agreement by means of clauses and indemnifications as set under these terms.

This bid is based on the approved set of plans and specifications as submitted by the architect’s office, or equal, and approved by the owner’s representative. Any deviation, modification or code upgrade will cause a price modification to substantiate the changes. Price is subject to change based on market conditions, engineering design changes and code improvements.

Progress payments shall not exceed 30 days net, regardless of specifications. This bid is a line of credit and is subject to a minimum 20% deposit of the bid price, due in advance and in full. This payment may be sent with the Notice to Proceed.

All payments are 30-day net each month, regardless of specifications, based on approval of credit and subject to a 1.5% late-interest charge per month. Indemnification clauses shall equitably allocate risk. General contractor shall post payment and performance bonds at 100% of the value of the entire project, including electrical and/or HVAC. These bid documents shall become part of the original subcontract agreement document.

RESCOM Electric & HVAC Co. reserves the right to halt production and material delivery if a progress payment is not made within the specified 30-day-net timeframe. RESCOM also reserves the right to amend the subcontract agreement document, contract terms and conditions, and price. Payment and performance bonds shall be furnished and paid for by the general contractor at 100% and shall list RESCOM Electric & HVAC Co. as an obligee in addition to any other agency or authoritative awarding bodies.

Upon signing a bid proposal, the general contractor acknowledges agreement to these terms. These terms may not be altered or modified without the full consent of RESCOM Electric & HVAC Co., its owners, officers and attorney. RESCOM reserves the right to conduct quarterly audits of financial statements related to the project and to require a joint-check agreement between the general contractor and RESCOM.

In case of arbitration, the general contractor shall pay all legal fees, including court and attorney fees. Please read and reread the proposal before acceptance. Price is subject to change depending on engineering design, modifications and the final negotiated subcontract agreement. List at your own risk.

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