Approximately: 60,499 linear feet of concrete pavement crack and joint cleaning and sealing activities are required, including miscellaneous work and cleanup. Each Bidder shall accompany the Bid with a Bid security, in a separate envelope, as security that the successful bidder will enter into a contract for the work bid upon. The bidder's security shall be in an amount equivalent to five percent (5%) and shall be in the form of a cashier's or certified check drawn on a bank in Iowa or a bank chartered under the laws of the United States of America, or a certified bank share draft drawn on a credit union in Iowa or chartered under the laws of the United States of America or a bid bond with corporate surety satisfactory to the City. The successful bidder will furnish after the award of the contract a corporate surety bond or bonds, acceptable to the City, for the faithful performance of the contract, in an amount equivalent to one hundred percent (100%) of the amount of the contract. By virtue of statutory authority, a preference will be given to products and provisions grown and coal produced within the State of Iowa, and to Iowa labor to the extent lawfully required under Iowa law. Iowa law provides that on public improvements a resident bidder shall be allowed preference against a nonresident bidder from a state or foreign country which gives or requires a preference to bidders from that state or foreign country. The preference so allowed shall be equivalent to the preference given or required by the state or foreign country in which the nonresident bidder is a resident. It is the intent of the City to award the contract to the lowest responsible, responsive bidder provided the bid has been submitted in accordance with the bidding requirements. The City reserves the right to waive informalities or irregularities. The City reserves the right to accept or reject any or all bids. No Bid shall be withdrawn for a period of 60 days after the scheduled opening of the bids without the consent of Owner.