The types of construction and their limits, shall be received shall be as follow: Remove and replace existing pavement, install new sanitary sewer, and storm sewer improvements on 4th Street between Hillcrest Avenue and School Avenue. The project also includes approximately 800 LF of cured -in-place sanitary sewer lining along Front Street between Hillcrest Avenue and Elm Street All proposals and bids in connection therewith shall be submitted to the City on or before the time herein set. All proposals shall be made on official proposal forms furnished by the Engineer, and must be enclosed in a separate sealed envelope and plainly identified and addressed to the City of Pierson, Iowa Each proposal shall be accompanied by a cashier's check or certified check drawn on a state-chartered or federally chartered bank, or a certified share draft drawn on a state-chartered or federally chartered credit union, or a bidder's bond with corporate surety satisfactory to the City in an amount equal to Ten percent (10%) of the total amount of the proposal. If bid bond is submitted, it must be in the form provided in these specifications. Said check or share draft may be cashed, or the bid bond forfeited as liquidated damages in the event the successful bidder fails or refuses to enter into a contract within ten (10) days of issuance of a Notice of Award and post bond satisfactory to the City insuring the faithful fulfillment of the contract and maintenance of said improvements as required by law. The bid bond should be executed by a corporation authorized to contract as a surety in the State of Iowa, and must not contain any conditions either in the body or as an endorsement thereon. The successful bidder will be required to furnish a corporate surety bond in an amount equal to one hundred per cent (100%) of the contract price, said bond to be issued by a responsible surety approved by the City Council, and shall guarantee the faithful performance of the contract and the terms and conditions therein contained and the maintenance of said improvements in good repair for not less than one (1) year from the time of acceptance of said improvements by the City Liquidated damages in the amount of Five hundred dollars ($500) per calendar day will be assessed for each day that the work shall remain uncompleted after April 1, 2021 or beyond the working days, with due allowance for extensions of the contract period due to conditions beyond control of the Contractor. The City reserves the right to defer acceptance of any proposal for a period not to exceed sixty (60) calendar days from the date of hearing and letting. The Council reserves the right to reject any or all bids and to waive informalities.