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t 17.5 In the event of a timely protest, the City Manager or his /her designee shall stay the award of the contract unless, after consulting with the City Attorney and the affected director, he /she determines that the award of the contract without delay is necessary to protect substantial interests of the city. 17.6 The city shall require a deposit from a protester to compensate the City for the expenses of administering the protest. If the protest is decided in the protester's favor, the entire deposit shall be returned to the protester. If the protest is not decided in the protester's favor, the deposit shall be forfeited to the city. The deposit shall be in the form of a cashier's check and shall be in the amount of 1 % of the amount of the pending award, with a minimum deposit of $500 and a maximum deposit of $10,000. 18. CONTRACT AWARD AND EXECUTION 18.1 Until final award of Contract, the Owner reserves the right to reject any and all Bids, with or without cause; to waive any informality or irregularity; or to accept the Bid which is in the best interest of the Owner. 18.2 It is the intent of the Owner to award a Contract to the lowest responsible Total Base Bidder whose Bid is in conformance with the Bidding Documents and does not exceed the funds available. ' 18.3 Upon acceptance of a Bid and award of the Contract, the successful Bidder shall deliver the executed Contract, along with required bonds and any other items requested, to the Owner within 10 days. Failure to do so will be ' deemed as a breach of agreement by the Bidder and result in forfeiture of bid security as described in the Instructions to Bidders. 18.4 The Owner reserves the right to hold all proposals and bid guarantees for a period not to exceed 90 days after the date of bid opening stated in the Advertisement for Bids. 18.5 The award of the contract, if it is awarded, will be to the lowest responsible total base bidder whose qualifications indicate the award will be to the best ' interest of the Owner and whose proposal shall comply with the requirements of the Contract Documents. Time is of the essence for this project and the time limits set in the proposal, if set by the bidder, will be ' accorded weight by the Owner in the determination of the best proposal. In no case will the award be made until all necessary investigations have been made into the responsibility of the low bidder and the Owner is satisfied that the bidder is qualified to do the Work and have the necessary organization, capital and equipment to carry out the provisions of the contract to the satisfaction of the Owner within the time specified. 18.7 If the Contractor feels that a problem exists either prior to, or during the bid opening, he shall contact the City (within 24 hours of the bid opening) and ' follow the Citys' current policy for bid protests. 05104 00100 -8 03 -4465