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<br /> <br />I ' <br /> <br />BID SECURITY <br /> <br />Accompanying this Bid is a certified or cashier's check or a bid bo!,!din the amount <br />of $ 5 % (not less than 5 % of the bid) made payable to the Owner which may be <br />forfeited as liquidated damages if, in the event this proposal is accepted, the <br />undersigned fails to execute the Agreement and furnish and pay for the required <br />performance and payment bonds for the Owner within 10 days after acceptance of <br />the Bid; otherwise said certified or cashier's check or bid bond will be returned to <br />the undersigned. <br /> <br />The undersigned Bidder agrees to commence work within 1 0 days after the date of <br />written Notice to Proceed, and further agrees to substantially complete the work <br />within 180 consecutive calendar days after the date of written Notice to Proceed, <br />subject to such extensions of time allowed by the Conditions of the Contract. <br /> <br />The undersigned Bidder also agrees to complete the entire work within 180 days <br />after the Contract time commences to run. <br /> <br />The undersigned Bidder agrees that this Bid shall be good and may not be <br />withdrawn for a period of 90 days after the scheduled closing time for receiving <br />bids. <br /> <br />The undersigned agrees to forfeit to the Owner, as liquidated damages for each <br />calendar day elapsing between the date established as the date of substantial <br />completion and the actual date of such substantial completion of the contract <br />work, the amount of $500.00 per calendar day. <br /> <br />The undersigned further agrees to forfeit to the Owner, as liquidated damages for <br />each calendar day elapsing between the date established as the date of final <br />completion and the actual date of final completion of the contract work, the <br />amount of $500.00 per calendar day. <br /> <br />,. <br /> <br />07/04 <br /> <br />00300-3 <br /> <br />03-4174 <br />