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REGULAR MEETING NOVEMBER 9,1998 <br />3. Purchases over $100,000: the solicitation shall include <br />that an offeror provide evidence of financial responsibility and <br />must indicate the kind of evidence that will be acceptable. If a <br />bond certified check is required, it may not exceed ten percent <br />(10 %) of the estimated cost of the purchase. <br />4. Small business set - asides: the purchasing agent may <br />determine that no evidence of financial responsibility shall be <br />required for a small business set -aside purchase. <br />C. Modification and Termination of Contracts <br />1. Adjustments in time of performance. The purchasing <br />agent may include provisions in a purchasing contract concerning <br />adjustments for time of performance under the contract. <br />2. Unilateral Rights of City. The purchasing agent may <br />include in a purchase contract provisions dealing with the <br />unilateral right of the City to order changes in the work within <br />the scope of the contract or to order temporary work stoppage or <br />delays in time of performance. <br />3. Quality variations. The purchasing agent may include a <br />purchase contract provisions dealing with variations between the <br />estimated quantities of work in a contract and the actual quality <br />delivered. <br />4. Price adjustment. Adjustments in price due to any <br />provision contemplated by 1 -3 above must be computed in one (1) <br />or more of the following ways: <br />a. By agreement on a fixed price adjustment before the <br />beginning of the pertinent performance or as soon after the <br />beginning of performance as possible. <br />b. By unit prices specified in the contract or subsequently <br />agreed upon: <br />c. By costs attributed to the events or situations under <br />such clauses with adjustment of profit or fee, all as specified <br />in the contract or subsequently agreed upon; <br />d. In such other manner as the contracting parties may <br />mutually agreed upon; or <br />e. In the absence of agreement by the parties, price <br />adjustments must be computed by a unilateral determination by the <br />governmental body of the costs attributable to the events or <br />situations under such clauses with adjustments of profit or fee, <br />all as computed by the governmental body in accordance with <br />applicable rules adopted by the governmental body; <br />5. Correction and withdrawal of bids. An offeror may <br />correct inadvertent errors in a bid up to the time at which bids <br />will be opened by supplementing the erroneous bid and submitting <br />a revised bid. A bidder may not supplement an inadvertently <br />erroneous bid after the time at which the bids were opened or, an <br />offeror may withdraw a bid containing inadvertent errors up to <br />the time at which bids will be opened. The purchasing agent must <br />decide in writing to permit the correction or withdrawal of the <br />bid. <br />6. Cancellation of solicitation. When the purchasing agent <br />makes a written determination that is in the City's best <br />interests, the purchasing agent may cancel a solicitation or <br />reject all offers in whole or in part as specified in the <br />solicitation. The reason for a cancellation of a solicitation or <br />rejection of offers must be made a part of the contract file. <br />D. Small Purchases <br />