Time for Commencement and Completion of Work: Work on the improvements shall proceed following approval of the contract by City Council, and as stated in the Notice to Proceed. All work under the Contract must be substantially complete on or before December 31, 2020, with final completion on or before July 31, 2021. Bid Security: Each bidder shall accompany its bid with a bid security, as defined in Section 26.8 of the Iowa Code, as security that the successful bidder will enter into a contract for the work bid upon and will furnish after the award of contract a corporate surety bond, acceptable to the City of Storm Lake, for the faithful performance of the contract, in an amount equal to one hundred percent (100%) of the amount of the contract. The bid security shall be in the amount of five percent (5%) of the amount of the contract and shall be in the form of a cashier's check or certified check drawn on a FDIC insured bank in Iowa or an FIDC insured bank chartered under the laws of the United States, or a certified share draft drawn on a credit union in Iowa or chartered under the laws of the United States, or a Bid Bond on the form provided in the Contract Documents with corporate surety satisfactory to the City of Storm Lake. The bidder's bond shall contain no conditions except as provided in the Contract Documents Wage Rates: The project to which the construction work covered by this contract pertains is being assisted by the United States of America and specific Federal Labor Standards Provisions are included in the contract pursuant to the provisions applicable to such Federal assistance. Including, but not limited to Community Development Block Grant (CDBG) and Davis-Bacon Act requirements. Sales Tax Exemption: The bidder shall not include sales tax in its bid. The City of Storm Lake will distribute tax exemption certificates and authorization letters to the Contractor and all subcontractors who are identified. The Contractor and subcontractor may make copies of the tax exemption certificates and provide a copy to each supplier providing construction materials. These tax exemption certificates and authorization letters are applicable only for this specific project under the Contract.
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