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The CONTRACT DOCUMENTS contain the provisions required for the construction of the <br />PROJECT. Information obtained from an officer, agent or employee of the OWNER or any <br />other person shall not affect the risks or obligations assumed by the CONTRACTOR or relieve <br />the CONTRACTOR from fulfilling any of the conditions of the contract. <br />Each BID must be accompanied by a BID BOND for at least five percent (5%) of the total <br />amount of the BID, made payable to the Treasurer of the City of Ramsey. As soon as the BID <br />prices have been compared, the OWNER will return the BONDS of all except the three (3) <br />lowest responsible BIDDERS: .When the AGREEMENT is executed, the BONDS of the two <br />remaining unsuccessful BIDDERS will be returned. The BID BOND of the successful BIDDER <br />will be retained until the Payment BOND and Performance BOND have been executed and <br />approved, after which, it will be returned. A certified check may be used in lieu of a -BID <br />BOND. <br />,~:i ~ <br />OW <br />ANT <br />anal <br />e BII <br />able <br />;tructi <br />DDEF <br />with t <br />ie foxe <br />A Performance BOND and a Payment BOND, each in the amount of one hundred percent N BID: <br />(100%) of the CONTRACT PRICE, with a corporate surely approved by the OWNER, will be JNTR~ <br />required for the faithful performance of the contract. <br />Attorneys-in-fact who sign BID BONDS or Payment BONDS and Performance BONDS must NGINE <br />file with each BOND a certified and effective dated copy of their power of attorney. ; telephc <br />The party to whom the contract is awarded will be required to execute the AGREEMENT and <br />obtain the Performance BOND and Payment BOND within ten (10) calendaz days from the date <br />when NOTICE OF AWARD is delivered to the BIDDER. The NOTICE OF AWARD shall be <br />accompanied by the necessary AGREEMENT and BOND forms. In case of failure of the <br />BIDDER to execute the AGREEMENT, the OWNER may at its option consider the BIDDER in <br />default; in which case the BID BOND accompanying the proposal shall become the property of <br />the QWNER - <br />The OWNER, within ten (10).days of receipt of acceptable Performance BOND, Payment <br />BOND and' AGREEMENT signed by the party to whom the AGREEMENT was' awarded, shall <br />sign the AGREEMENT and return to such party an executed duplicate of the AGREEMENT, <br />Should the OWNER not execute the AGREEMENT within such period, the BIDDER may give <br />VViRTfTEN NOTICE to withdraw his signed AGREEMENT. Such notice of withdrawal shall be <br />effective upon receipt of that WRITTEN NOTICE by the'OWNER. <br />The NOTICE TO PROCEED shall be issued within ten (I O) days of the execution . of the <br />AGREEMENT by, the OWNER Should there be reasons why the NOTICE TO PROCEED <br />cannot be issued within such period; the time may be extended by mutual agreement between the <br />OWNER and CONTRACTOR If the NOTICE TO PROCEED has not been issued within the <br />ten (10) day period or within the period mutually agreed upon, the CONTRACTOR may <br />terminate the AGREEMENT without further liability on the part of either party. <br />The OWNER may make such investigations as he deems necessary to determine the ability of <br />the BIDDER to perform the WORK and the BIDDER shall famish to the OWNER all such <br />information and data for this purpose as the OWNER may request. The OWNER reserves the <br />IB 2 <br />