Each bid shall be accompanied by a Bid Bond in an amount equal to five (5%) of the total amount of the bid. Bid Bonds must be on the form provided with the Contract Documents. The Certified Check, Certified Share Draft or Cashier's Check shall be drawn on a bank or Credit Union in Iowa or a bank or Credit Union chartered under the laws of the United States of America and payable to the Clinton Airport Commission as security that if awarded a contract, the bidder will enter into a contract at the prices bid and furnish the required performance and payment bonds and certificates of Insurance. The Certified Check, Certified Share Draft or Cashier's Check may be cashed, or the Bid Bond forfeited, and the proceeds retained as liquidated damages if the bidder fails to execute a contract or file acceptable performance bonds or provide an acceptable certificate of insurance within fifteen (15) calendar days after the acceptance of his proposal by resolution of the Clinton Airport Commission. No bidder may withdraw a proposal within ninety (90) days after the date set for opening bids. The right is reserved, as the Clinton Airport Commission may require, to reject any and all bids and to waive any informality in the bids received. All Contractor(s) and subcontractor(s) are required to obtain tax exemption certificates from the Clinton Airport Commission, for this project. These tax exemption certificates are only for use on this specific project as covered under the Contract. Before final payment will be made on this project, the Contractor(s) and subcontractor(s) shall provide lien waivers as required in the Specifications. All work of the Contract shall be completed and ready for operation according to the following schedule: Work Phase Work Contract Time Liquidated Damages Phase 1 Construct Area Fencing 30 Calendar Days $750.00 / Day Project Closeout Final Inspection 14 Calendar Days $250.00 / Day This project is subject to the requirements of Target Small Business Affirmative Action Responsibilities on NonFederal Aid Projects. The owner has established a contract goal of 1.51% percent participation for small business concerns owned and controlled by qualified Target Small Business (TSB). The bidder shall make and document good faith efforts, as defined in section 7C of the TSB Contract provisions prior to the contract award. By virtue of statutory authority, preference will be given to products and provisions grown and coal produced within the State of Iowa and to Iowa domestic labor to the extent lawfully required under Iowa statutes, providing that the award of the contract will be made to the lowest responsible bidder submitting the lowest acceptable bid, which shall be without regard to state or local law whereby preference is given on factors other than the amount of the bid.
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