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1 BID SECURITY <br />Accompanying this Bid is a certified or cashier's check or a bid bond in the amount of 5% of <br />the bid made payable to the Owner which may be forfeited as liquidated damages if, in the <br />event this proposal is accepted, the undersigned fails to execute the Agreement and furnish and <br />pay for the required performance and payment bonds for the Owner within 10 days after <br />acceptance of the Bid; otherwise said certified. or cashier's check or bid bond will be returned to <br />the undersigned. <br />The undersigned Bidder agrees to commence work within 10 days after the date of written <br />Notice to Proceed, and further agrees to substantially complete the work within 270 consecutive <br />calendar days after the date of written Notice to Proceed, subject to such extensions of time <br />allowed by the Conditions of the Contract. <br />The undersigned Bidder also agrees to complete the entire work within 300 days after the <br />Contract time commences to run. <br />The undersigned Bidder agrees that this Bid shall be good and may not be withdrawn for a <br />period of 60 days after the scheduled closing time for receiving bids. <br />The undersigned agrees to forfeit to the Owner, as liquidated damages for each calendar day <br />elapsing between the date established as the date of substantial completion and the actual date <br />of such substantial completion of the contract work, the amount of $1,500.00 per calendar day. <br />The undersigned further agrees to forfeit to the Owner, as liquidated damages for each calendar <br />day elapsing between the date established as the date of final completion and the actual date of <br />final completion of the contract work, the amount of $1,000.00 per calendar day. <br />0 <br />0 <br />n <br />1.1 <br />1 Final Version 6/07 00300 -5 03 -4197 <br />