2020 August Meadows Construction Bid Security

 Bid Security: A bid must be accompanied by bid security made payable to the Village of New Lothrop in an amount of 5% of the bidders maximum bid price (determined by adding the base bid and all alternatives) and in the form of a certified check, bank money order, or a bid bond.

 The bid security of the apparent successful bidder will be retained until the Village of New Lothrop awards the contract to such bidder, and such bidder has executed the contract documents, furnished the required contract security, and met the other conditions of the Notice of Award, whereupon the bid security will be released. If the successful bidder fails to execute and deliver the contract documents and furnish the required contract security within 15 days after the Notice of Award, the Village of New Lothrop may consider bidder to be in default, annul the Notice of Award, and the bid security of that bidder will be forfeited. Such forfeiture shall be the Village of New Lothrop’s exclusive remedy if bidder defaults.

 The bid security of other bidders that the Village of New Lothrop believes to have a reasonable chance of receiving the award may be retained by the Village of New Lothrop until the earlier of seven days after the effective date of the contract or 61 days after the bid opening, whereupon bid security furnished by such bidders will be released.

 Bid security of other bidders that Village of New Lothrop believes do not have a reasonable chance of receiving the award will be released within seven days after the bid opening.

 Performance Assurance: The accepted bidder is to provide a payment bond.

 Acceptance of Offer: The Village of New Lothrop reserves the right to accept or reject any or all offers

 The Village of New Lothrop has the right to waive bid irregularities, to accept the bid in the Village of New Lothrop’s best interest and to accept alternates in any order or combination to determine low bidder on basis of the sum of base bid and accepted alternates.

 The Village of New Lothrop reserves the right to reject any or all bids where incomplete or irregular, lacking bid bond, data required by bidding documents, or where proposals exceed funds available.

 After acceptance, the Village of New Lothrop will issue to the successful bidder, a written letter of contract award.