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,111 <br /> The Owner will make such investigations as deemed necessary to determine the ability of <br /> the Bidder to perform the work, and the Bidder shall furnish to the Owner all such information <br /> and data for this purpose as the Owner may request. The Owner reserves the right to reject any <br /> bid if the evidence submitted by, or investigation of, such Bidder fails to satisfy the Owner that <br /> such Bidder is properly qualified to carry out the obligations of the Contract and to complete the <br /> work contemplated therein. Conditional bids will not be accepted. <br /> Each bid must be accompanied with a proposal guaranty either as a properly certified <br /> check made payable to "Treasurer, City of Decatur," Decatur, Illinois, in an amount not less than <br /> ten (10) percent of the bid; or a cashier's check made payable to "Treasurer, City of Decatur", <br /> Decatur, Illinois, in an amount not less than ten (10) percent of the bid; or a bid bond on a form <br /> approved by the City, executed by a surety company satisfactory to the City, in an amount not <br /> less than ten (10) percent of the bid. Such proposal guarantees, of the three lowest bidders, may <br /> be retained by the City for a period of 45 days after the date of the bid opening. Checks or bid <br /> bonds from other than the three lowest bidders will be returned by the City within seven (7) days <br /> after the date of the bid opening. <br /> Simultaneously with the delivery of the executed Contract, the Contractor shall furnish a <br /> surety bond or bonds as security for faithful performance of this Contract and for the payment of <br /> all persons performing labor on the project under this Contract and furnishing materials in <br /> connection with this Contract, and other items required by the Conditions and Specifications <br /> governing the work. Public Act 103-0570 amended the Public Bond Act to only require a <br /> bond(s) on Contracts greater than $150,000. If not amended, the act shall expire on January 1, <br /> 2029. All Contracts greater than $50,000 after January 1, 2029 must provide a bond(s). The <br /> surety on such bond or bonds shall be a duly authorized surety company satisfactory to the <br /> Owner. Attorneys-in-fact who sign bid bonds or contract bonds must file with each bond a <br /> certified and effectively dated copy of their Power of Attorney. <br /> The successful Bidder, upon Bidder's failure or refusal to execute and deliver the <br /> Contract and bonds (if Contract is greater than $150,000.00) required within (10) consecutive <br /> calendar days from and including the date the Bidder has received notice of the acceptance of <br /> their bid, shall forfeit to the Owner, as liquidation of damages done for such failure or refusal, <br /> the security deposited with their bid. Notice of the Owner's intent shall either be hand delivered <br /> by the Owner to the Bidder's address, as given on the Contract Documents, or mailed to such <br /> address, first class, United States mail, return receipt requested. Delivery or mailing of said <br /> notice to said address shall constitute the notice herein required without the requirement of an <br /> acknowledgment of receipt from the Bidder. <br /> Each Bidder must inform themself fully of the conditions and specifications relating to <br /> the construction of the project and the employment of labor thereon. Failure to do so will not <br /> relieve a successful Bidder of their obligation to furnish all material and labor necessary to carry <br /> out the provisions of the Contract. Insofar as possible, the Contractor, in carrying out their work, <br /> must employ such methods or means as will not cause any interruption of or interference with <br /> the work of any other Contractor. <br /> The quantities appearing in the bid proposal are approximate and are prepared for the <br /> comparison of bids. Payment to the Contractor will be made only for the actual quantities of <br /> work performed and accepted or materials furnished according to the contract. The proposed <br /> quantities of work to be done and materials to be furnished may each be increased, decreased, or <br /> omitted as hereinafter provided. <br /> 9 <br />