A certified check/bank draft drawn on a solvent bank, cashier's check, or bid bond, payable without condition to the Village of Hainesville in an amount not less than ten percent (10%) of the bid shall be submitted with each proposal, as a guarantee that, if the proposal is accepted, a contract will be entered into and the performance of the contract is properly secured. A performance bond in a sum equal to one hundred percent (100%) of the amount of the bid, with sureties to be approved by the Mayor and Board of Trustees for the faithful performance of the contract, must be furnished by the successful bidder. All bids or proposals shall contain an offer to furnish bond upon acceptance of such bid or proposal. The right is reserved to reject any or all proposals, to waive technicalities, to postpone the bid opening, or to advertise for new proposals, if in the judgment of the Mayor and Board of Trustees their best interests will be promoted thereby. The Contractor will be required to pay not less than the prevailing wage rates on this project as established by the United States Department of Labor. He shall also comply with all applicable Federal, State and local regulations. Prequalification statements will be required to be submitted to the Engineer by all potential bidders. Minimum requirements for submitting a bid include having an experience requirement of completing as a general contractor at least three water or wastewater projects involving installation of pump equipment having individual contract values over $500,000 in the last 10 years. If, in the opinion of the Engineer and the Mayor and Board of Trustees, an applicant would not be able to serve the best interest of the Village, a proposal will not be issued to the applicant