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• Real estate purchases • Professional services including: o Architectural o Auditing o Engineering o Legal o Group Insurance o Banking Services o Investment Services o Financial Service Providers o Construction Management o Surveying • Emergency Purchases Contractor's Bond The city is required to obtain both a payment and performance bond for all public work contracts over$100,000. Payment and performance bonds protect the city as well as subcontractors and persons providing labor and materials. When the public work contract is let, the amount of the bond needs to be equal to the contract price. If the contract price increases due to change orders, unforeseen conditions, cost overruns or any other reason after the contract is signed, the city has the option of increasing the amount of the contractor's bond. Consideration may be given for the percentage of the contract that is complete in relation to the contractor's bond and the increase in the contract price. Professional Services Contracts for professional services such as those provided by engineers, attorneys, architects, accountants, and other services requiring technical, scientific or professional training are exempt from competitive bidding requirements. However,the goals to secure professional services remain the same: to ensure all purchases are consistent with Minnesota statutes, to establish internal controls, to maintain the appropriate documentation, and to ensure the best value for the public money. The following chart identifies the required procedures for professional services contracts. •At least two written quotes shall be obtained where there is more $0- Department than one feasible source. Quotes $24,999 Director • In cases where the city has established a pool of qualified consultants,the consultant may be selected from the existing pool. •When there is more than one feasible source,the city shall request written price quotations in the form of a Request for Proposal from at $25 000 least two sources. Council •The quotes shall be submitted in written format. and Above City Council Approval •The standard contract shall be awarded to the service provider with the best qualifications and proposal for the specific project. Total cost shall not be the only consideration,but must be included in the analysis of the proposals.