Each proposal shall be accompanied by a certified check, cashier's check, money order or bid bond by a surety company licensed to do business in the State of Michigan in the amount of at least five (5%) percent of the amount bid, drawn payable to the City of Oak Park, Michigan, as security for the proper execution of the Contract.
The successful bidder will be required to provide performance bonds, and payment bonds each in the amount of one hundred percent (100%) of the contract amount, and a maintenance and guarantee bond in the amount of Fifty percent (50%) of the contract amount.
The bid guarantee of Bidders under consideration will be returned immediately after execution of the contract documents by the Owner; checks and money orders of Bidders not under consideration will normally be returned within forty-eight (48) hours after bid opening. The amount of the guarantee shall be forfeited to the Owner if the successful Bidder fails to enter into a contract and furnish the required bonds and insurance certificates within ten (10) days after award of the contract.
The City of Oak Park, Michigan reserves the right to reject any and all bids in its sole discretion, in whole or in part, for any reason or for no reason at all. Any informalities or irregularities in bids may be waived by the City of Oak Park for any reason, or for no reason at all, in the sole discretion of the City. Bids may not be withdrawn for a period of sixty (60) days after the actual date of opening thereof.
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