Page Content Award – The decision of the N.C. Department of Transportation to accept the bid of the lowest responsible bidder for work that is subject to all contract conditions, as may be provided by law, the proposal, and standard specifications. Bid – The offer of a bidder to NCDOT to perform the work and to furnish the labor and materials at the prices quoted. Bid Bond or Bid Deposit – The security furnished by the bidder with their bid as guaranty that they will furnish the required bonds and execute such documents, as may be required if their bid is accepted. Bidder – An individual, partnership, firm, corporation, LLC or joint venture formally submitting a bid for the work contemplated. Bidders must be prequalified as a “bidder” prior to submitting a bid on an NCDOT project. Centrally Let Contracts – These typically are contracts that exceed the $2.5 million threshold. The contracts are let in Raleigh and require a higher level of prequalification for prime contractors than contracts let out of NCDOT's division offices. Contract Payment Bond – A bond furnished by the contractor and their corporate surety securing the payment of those furnishing labor, materials and supplies for the construction of the project. Contract Performance Bond – A bond furnished by the contractor and their corporate surety guaranteeing the performance of the contract. Contractor Prequalification – Before beginning work, contractors (primes and all level subs) must be prequalified by the NCDOT to perform the specified work codes. The application is to prequalify a contractor interested in bidding as a subcontractor on any level contract, or as a prime on a division let Purchase Order Contract. The application must be filled out to demonstrate sufficient ability and experience in related construction projects to perform the work, sufficient and readily available equipment to perform contracts in a timely manner and a completed Safety Index Rating Form. Once prequalified, firms must requalify every three years, but must also renew their status annually. The purpose of the annual renewal is to make sure the Department has an updated Safety Index on file, and all contact information is current. Directory of Transportation Firms – Once a firm is approved, it appears in NCDOT's Directory of Transportation Firms at the contracting level requested. Fully Operated Rental Equipment (FORE) – NCDOT routinely supplements its own equipment complement with privately owned equipment for emergency response, force account construction or specialty equipment needs. General Statute (G.S.) – By following proper procedures and observing Constitutional limitations, the N.C. General Assembly can create new laws and destroy old laws. The General Statutes are the governing laws of North Carolina. Purchase Order Contract (POC) – In accordance with N.C. G.S. 136-28.1, these are contracts under the $5 million threshold that are let out of NCDOT's division offices and specific central units. POCs include such projects as small construction, maintenance or repair. Purchase Order Contract bidders must be prequalified by NCDOT prior to bid submittal. If a bidder is not prequalified, the submittal is considered non-responsive. Subcontractor – An individual/partnership, firm, joint venture, LLC or corporation to whom the contractor, with written consent of the engineer, sublets any part of the contract. A firm that is not prequalified as a subcontractor will not be allowed to begin work on department project until they become prequalified. Surety – A corporate bonding company furnishing the bid bond or furnishing the contract payment and performance bonds. 1/24/2019 2:31 PM