The Peterson Companies and National Harbor Development LLC Construction Contracting Policies and Procedures are outlined here for general use and information. Requirements for specific projects may vary as conditions for each project are considered. In general, our policy is to demand, from our contractors and consultants, the same high level of commitment, service and performance that we expect of ourselves – a level of commitment we believe our customers deserve.

Written contract

National Harbor conducts its contracting business utilizing clear, written contracts with terms and conditions commonly encountered in the construction industry. The exact form of contract to be used will be contained in each individual bid package and/or will be available separately for advance review by all bidders.

Payments

Payments are made within thirty days of receipt of requisition. The requisition should be submitted on the 25th of the month and usually covers approved work in place through the end of the month. Retention is usually withheld at 10% until substantial completion.

Bonds

A Labor and Material Payment Bond, and a Performance Bond, each in the amount of 100% of the contract value, are required from the Contractor for contracts valued at $100,000 or more. Contracts valued at less than $100,000 do not require a bond. In addition, Bid Bonds are not required.

Insurance

General Liability, Workmen's Compensation and Automobile insurance are required to be provided by the Contractor. The exact amount and other types required will vary and increase with increased contract size and scope. Workmen's Compensation insurance must meet the Statutory Limits for coverage. General or excess liability insurance must include coverage of at least: $1 million coverage for any contract; $2 million for contracts over $100,000 in value; $5 million for contracts over $1,000,000 in value; and $10 million for contracts over $5,000,000 in value.

Lien Waivers

Partial and/or final Lien Waivers are required on a monthly basis prior to release of the subsequent payment. Lien Waivers are required from the contractor and from subcontractors and suppliers.

Safety and Supervision

All contractors are required to supervise their own work; to provide and maintain their own equipment; to procure, unload, handle, and store their own materials and to supervise their own workforce. All contractors must comply with all safety rules and regulations including MOSHA.

The preceding points summarize the contracting relationship with National Harbor. Each individual bid package and contract will fully specify all terms and conditions. Thank you for your interest in the National Harbor project.