Bids shall be upon cash payment on the following approximate quantities and major types of work: Common Excavation - Type C - 3,805 CY; Aggregate Base Course CL 5 - 6300 TON; Superpave FAA 42 - 3810 TON; PG 58S-28 ASPHALT CEMENT - 225 TON; Installation of Drainage System - 1 EA; and other miscellaneous items; BIDDERS SHALL REFER TO THE BID FORM IN THE PROJECT DOCUMENTS FOR BID ITEMS AND PLAN QUANTITIES. All bids are to be submitted on the basis of cash payment for the work and materials, and each bid shall be accompanied by a separate envelope containing the contractor's license and bid security. The bid security must be in a sum equal to five percent (5%) of the full amount of the bid and must be in the form of a bidder's bond. A bidder's bond must be executed by the bidder as principal and by a surety company authorized to do business in this state, conditioned that if the principal's bid be accepted and the contract awarded to the principal, the principal, within ten (10) days after notice of award, will execute and effect a contract in accordance with the terms of this bid and the bid bond as required by the laws of the State of North Dakota and the regulations and determinations of the governing body. All bidders must be licensed for the full amount of the bid as required by Section 43-07-05 and 43-07-12 of the North Dakota Century Code. The successful Bidder will be required to furnish Contract Performance and Payment Bonds in the full amount of the contract. Contracts shall be awarded on the basis of the low bid submitted by a responsible and responsive bidder for the aggregate sum of all bid items. A single contract will be awarded for the work. The Owner reserves the right to reject any and all bids, to waive any informality in any bid, to hold all bids for a period not to exceed thirty (30) days from the date of opening bids, and to accept the bid deemed most favorable to the interest of the Owner. Should the Contractor fail to complete the work within the time required herein or within such extra time as may have been granted by formal extensions of time approved by the Owner, there will be deducted from any amount due the Contractor the sum of $1,500 per day and every day that the completion of the work is delayed. The Contractor and his surety will be liable for any excess. Such payment will be as and for liquidated damages.