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5. The contractor is licensed as a general contractor by the State's <br /> Construction Contractor's Board. <br /> 6. In addition to the foregoing, before the City can participate in the project, <br /> the Contractor must agree to all terms and conditions of a City contract, including <br /> the requirement to provide all required performance and payment bonds, to abide <br /> by the working hours and overtime payment provisions and to comply with all <br /> legal requirements for public works projects that are subject to prevailing wage <br /> laws. <br /> B. PEPI Over $75,000. For larger projects, the general contractor must be <br /> selected under the City's formal competitive sealed bidding process. This process must <br /> be conducted by the City or under the City's supervision. <br /> 3. Performance and Payment Bonds. The General Contractor must provide a <br /> performance bond and a payment bond, each for 100% of the contract price for the PEPI. The <br /> terms of the bonds must comply with the requirements for bonds under ORS Chapter 279 and <br /> protect the City against default by the contractor and claims by unpaid laborers. <br /> 4. Prevailing Wage Laws. The City must notify BOLI of any PEPI for which <br /> the City provides a direct, or indirect financial contribution The General Contractor must post <br /> statutorily described notices to all employees that the PEPI is subject to prevailing wages, must <br /> ensure that all workers are paid prevailing wages certified by BOLI and must keep accurate <br /> records and make accurate reports to the City of its compliance with the prevailing wage laws. <br /> 5. Other Laws. The General Contractor and all subcontractors on the PEPI will be <br /> subject to the City's standard contract conditions which are set fort in the attached exhibit. Most <br /> of these conditions are required by state law. <br /> 1 BOLI does not consider the mere waiver of permit or inspection fees to be a financial <br /> contribution. <br />