Each bid shall be accompanied by a bid security consisting of bid bond, certified check or cashier's check made payable to the Board of Regents for the University of Oklahoma and Cameron University in an amount equal to five percent (5%) of the total bid upon which the contractor is bidding. In accordance with state law, bidders must also submit with each bid an affidavit disclosing certain business affiliations and a non-collusion affidavit. Failure of bidder to submit proper bid security, require affidavits, or the list of major Sub-contractors and material suppliers shall be cause for rejection of bid. No bid shall be withdrawn for sixty (60) days after opening of bids without consent of the Owner. Not more than five (5) days following receipt of written notice from Owner of acceptance of its bid, the successful bidder will be required to provide bonds or irrevocable letters of credit in a sum equal to the total amount of the contract and in form and content provided (1) to insure prompt and proper completion of the Work and; (2) to insure payment of indebtedness by the contractor, subcontractors and material people for labor, material, and rental and repair of equipment used or consumed in completion of the Work and: (3) to protect the Owner against defective workmanship or materials for such period as may be specified in the Project Manual. The Board of Regents for the University of Oklahoma, Cameron University and Rogers State University expressly reserves the right to reject any or all bids, or to waive any minor informalities or irregularities in the bidding and is not bound to accept the lowest bid if that bid is contrary to the best interests of the University. achieve Substantial Completion of the Work no later than July 15, 2022 and to complete the Work fully within ten (10) consecutive calendar days thereafter.
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