Work under this contract includes replacement of rooftop and interior HVAC equipment, associated mechanical and electrical work, repairs to existing membrane roof assemblies, selective interior demolition, replacement of interior finishes and other related work. Bids received after the time and date stated above will not be considered and will be returnedto bidder. Each proposal shall be made on the official bid proposal form prepared for this purpose, whichmay be obtained from the Architect. Any alteration in the official bid proposal form will entitle theBoard of Supervisors at its option to reject the proposal involved from consideration. Eachproposal shall be accompanied by a bid bond or a certified check or cashier's check, drawn ona solvent state or national bank, or a certified share draft drawn on a credit union in Iowa, andfiled in a sealed envelope separate from the one containing the proposal. The bidders certifiedcheck or bid bond shall be in an amount equal to five percent (5%) of the amount of theproposal, made payable to the Story County, Iowa. The check may be cashed by the Board ofSupervisors or the bid bond forfeited to the Board of Supervisors as liquidated damages in theevent the successful bidder fails to enter into a contract and file acceptable bonds satisfactoryto the Board of Supervisors assuring the faithful fulfillment of the contract and maintenance ofsaid improvements as required by law within 10 days after the acceptance of the successful bidder's proposal The Board of Supervisors reserves the right to reject any or all proposals, or to defer action onthe proposals for a period of not to exceed 30 days from and after the date and time specifiedin this notice for receiving proposals. The successful bidder will be required to furnish a Performance Bond and a Payment Bond, each in an amount equal to 100 percent of the contract price. Said bonds are to be issued by aresponsible Surety approved by the Board of Supervisors and shall guarantee that the Principal will promptly make payment to all persons, firms, subcontractors and corporations furnishingmaterials for or performing labor in the prosecution of the work stated and the faithful performance of the contract and the terms and conditions therein contained and the guaranteethat all work performed and materials furnished shall be free from defects for a period of one (1)year from the time of acceptance of said improvements by the Board of Supervisors. Payment to the Contractor for said improvements will be made in monthly increments based onthe estimated progress of the Contractor in performing the contract. Payment will be made fromcash on hand and from such other funds as are available to the Board of Supervisors that maybe legally used for such purpose. At least 10 days before each progress payment falls due (but not more often than once amonth), the Contractor will submit to the Architect a partial payment estimate filled out andsigned by the Contractor covering the work performed during the period covered by the partial payment estimate and supported by such data as the Architect may reasonably require. If payment is required on the basis of materials and equipment not incorporated in the work butdelivered and suitably stored at or near the site, the partial payment estimate shall also be accompanied by such supporting data, satisfactory to the Board of Supervisors, as will establish the Board of Supervisors' title to the material and equipment and protect the Board ofSupervisors' interest therein, including applicable insurance. The Architect will, within 10 daysafter receipt of each partial payment estimate, either indicate in writing approval of payment and present the partial payment estimate to the Board of Supervisors, or return the partial payment estimate to the Contractor indicating in writing the reasons for refusing to approvepayment. In the latter case, the Contractor may make the necessary corrections and resubmitthe partial payment estimate. The Board of Supervisors will, within 10 days of presentation tothe Board of Supervisors of an approved partial payment estimate, pay the Contractor aprogress payment on the basis of the approved partial payment estimate Work under the proposed contract shall be commenced immediately after the award of thecontract and shall be completed and ready for operation not later than 365 calendar days afterthe notice to proceed, subject to any extension of time which may be granted by the Board ofSupervisors.