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<br />BID SECURITY <br /> <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 /> <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 160 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 /> <br />The undersigned Bidder also agrees to complete the entire work within 170 days after the <br />Contract time commences to run. <br /> <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The undersigned Bidder agrees that this Bid shall be good and may not be withdrawn for a 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 /> <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 $2,000.00 per calendar day. <br /> <br />The Owner agrees, as a bonus for each calendar day of early completion before the date <br />established as the date of final completion and the actual date of final completion of the contract <br />work, the amount of $2,000.00 per calendar day. The bonus is limited to a maximum of <br />$60,000.00. <br /> <br />05/08 <br /> <br />00300-6 <br /> <br />05-4893 <br />