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1 ' 18. CONTRACT AWARD AND EXECUTION 1 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 and responsive bidder whose bid best serves the interests of, and represents the best value to, the Owner pursuant to the criteria set forth in Section 62-8 of the City Code of Sunny Isles Beach, and whose Bid is in conformance with the Bidding Documents and does not exceed the funds available. Price is only a factor in determining the lowest responsible and responsive bidder. 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. 1 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 1 Advertisement for Bids. 18.5 The award of the contract, if it is awarded, will be to the lowest responsible and responsive bidder whose bid best serves the interests of, and represents the best value to, the Owner pursuant to the criteria set forth in Section 62-8 of the City Code of Sunny Isles Beach, 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 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/she shall contact the City (within 24 hours of the bid opening) and follow the City's current policy for bid protests. 18.8 The Owner reserves the right to award as a total contract any combination of the Unit Price Bid Schedule Items that would be in the best interest of 1 the Owner. 1 05/08 Final Version 00100-8 05-4893