Site work for a water / sewer project in Richmond, Virginia. Completed plans call for site work for a water / sewer project.

For the construction of Stormwater Renovations - 1801 Commerce Road The undersigned further agrees to complete the work as bid within 180 consecutive calendar days after Notice to Proceed. As the time allotted for the completion of the Work is of the essence, if the work is not completed within specified time for the completion of the Work, there shall be deducted from the contract price, not as a penalty but as liquidated damages, $500.00 for each and every calendar day of delay in the completion of the work beyond the time specified, subject to all the terms of the General Conditions. The Contractor will be given a contract Notice to Proceed with the following contract schedule performance requirements: 1) an initial 90 consecutive calendar days from NTP for finalizing subcontracts, submittals, ordering critical lead time items and completion of construction as needed to meet substantial (95%) completion requirements, and 2) final 100% completion of all construction and associated closeout documents within the next 30 consecutive calendar days. Total project contract duration is 120 consecutive calendar days. Except in an emergency, all bids for construction Contracts in excess of $100,000 shall be accompanied by a bid guarantee of not less than five percent (5%) of the bid amount set forth in item 14 of the Bid Form. Such security may be a certified check or a cashier's check or a Bid Bond made payable to the Owner. The Owner may require bid security for lesser bid amounts, however, this will be so stated in the Invitation for Bid. Such Bid Bond or check shall be submitted with the understanding it shall guarantee that the bidder will not withdraw its bid during the acceptance period indicated in the Invitation for Bids except as defined in paragraphs 2.42 and 3.1 of the Contract Documents; that if the bid is accepted, the bidder will enter into a formal Contract with the Owner in accordance with the Contract Documents; and that Performance and Payment Bond, and Certificate of Insurance will be given; and that in the event of the failure to enter into said Contract and give said Bonds and Certificate of Insurance within fifteen(15) days after it has received notice of acceptance of its bid, the bidder shall be liable to the Owner for the full amount of the bid guarantee or the difference between the bid for which the bond was written and the next low bid as representing the damage to the Owner. Forfeiture under a Bid Bond shall not exceed the lesser thereof. The Bid Bonds and checks shall be returned to all except the three lowest bidders after the formal opening of bids. The remaining bid bonds and checks will be returned to the three lowest bidders after the accepted bidder has executed the Contract, Performance and Payment Bonds and Certificate of Insurance and the Owner has approved them. The City of Richmond reserves the right to reject any and all bids. The City of Richmond reserves the right to negotiate with the selected bidder in order to best serve the needs of the City, in respect to both cost effectiveness as well as comprehensive program design.