The Project must be complete and ready for occupancy not later than August 12, 2021 assuming that the successful Offeror is given notice of its top ranking on or before April 28, 2021. Any proposal must provide for final completion by this date. The Notice to Proceed may be issued up to forty-five (45) consecutive calendar days following the Notice of Award. The Contractor shall take this period into account in the preparation of its Proposal. No claim for additional time shall be considered unless this period is exceeded. Each proposal must be accompanied by proposal security in the amount of five percent (5%) of the total proposal, including all additive alternatives, pledging that the successful Offeror will, within 30 calendar days after the successful Offeror is notified of receipt of its proposal, enter into a written contract with the Owner on the terms stated in the "Proposal Documents", as evidenced by the unconditional execution and delivery of such contract, and furnish payment and performance bonds, evidence of insurance and other submittals as required by the "Proposal Documents". Should the successful Offeror fail or refuse to enter into such contract or furnish such bonds or evidence of insurance within the time abovestated, such proposal security shall be forfeited to the Owner as damages, not as a penalty. Such proposal security shall be in the form of cash, certified funds payable to the order of the Owner, or a bond in favor of the Owner. The bond shall be on AIA Document A310 "2010 Edition," and shall be issued by a corporate surety duly authorized and admitted to do business in the State of Texas, and licensed by the State of Texas to issue surety bonds and to be an executed original. If the amount of the bond exceeds the legal underwriting limitation of the surety, the Offeror and the surety shall provide the Owner with evidence that the excess is reinsured with one or more reinsurers who are duly authorized, accredited, and licensed to do business in the State of Texas. Any proposal which is not accompanied with proposal security in the form and amount required herein shall be rejected as nonconforming. The Owner shall have the right to retain the security of all Offerors to whom an award is being considered until either (i) the Contract has been unconditionally executed and delivered by the parties and any required payment and performance bonds, evidence of insurance and other submittals have been furnished, or (ii) all proposals have been rejected by the Owner without the acceptance of any proposal.
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