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I I I I I I I I I I I I I I I I I I I I BID SECURITY Accompanying this Bid is a certified or cashier's check or a bid bond in the amount of $ 5% (not less than 5% of the bid) made payable to the Owner which may be forfeited as liquidated damages if, in the event this proposal is accepted, the undersigned fails to execute the Agreement and furnish and pay for the required performance and payment bonds for the Owner within 10 days after acceptance of the Bid; otherwise said certified or cashier's check or bid bond will be returned to the undersigned. The undersigned Bidder agrees to commence work within 10 days after the date of written Notice to Proceed, and further agrees to substantially complete the work within 180 consecutive calendar days after the date of written Notice to Proceed, subject to such extensions of time allowed by the Conditions of the Contract. The undersigned Bidder also agrees to complete the entire work within 180 days after the Contract time commences to run. The undersigned Bidder agrees that this Bid shall be good and may not be withdrawn for a period of 90 days after the scheduled closing time for receiving bids. The undersigned agrees to forfeit to the Owner, as liquidated damages for each calendar day elapsing between the date established as the date of substantial completion and the actual date of such substantial completion of the contract work, the amount of $500.00 per calendar day. The undersigned further agrees to forfeit to the Owner, as liquidated damages for each calendar day elapsing between the date established as the date of final completion and the actual date of final completion of the contract work, the amount of $500.00 per calendar day. " 07/04 00300-3 03-417 4