The City reserves the right to waive any informality or to reject any or all bids. Each bidder must provide a bid bond in the amount, form and subject to the conditions provided in the Information for Bidders. No bidder may withdraw a bid within 90 days after the actual date of the opening thereof. Attention of bidders is particularly called to the requirements as to conditions of employment to be observed and prevailing wage rates to be paid. Each bid must be accompanied by a bid bond payable to the City for five percent (5%) of the total amount of the bid. A certified check made payable to The Treasurer of the City of Riverside may be used in lieu of a bid bond. Attorneys-in-fact who sign bid bonds must file with each bond a certified and effectively dated copy of their power of attorney Bidder must agree to commence work on or before a date to be specified in a written Notice to Proceed of the City and to fully complete the project by 6/30/2024. Bidder must agree also to pay as liquidated damages, the sum of $500 for each consecutive calendar day thereafter as hereinafter provided in the Agreement and Contract Documents. No time extensions will be granted, except in case of unusual (unseasonable) weather conditions or additional work requested by the City.Bidder agrees that the sum of $500 per day is a fair and reasonable approximation of the actual damages incurred by the City for the Bidders failure to complete the project within the time outlined above and that such liquidated damages in this Section are not penal in nature but rather the parties attempt to fairly quantify the actual damages incurred by the City for such delays. The City reserves the right to reject the bid of any bidder who does not pass any such evaluation to the Citys satisfaction.
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