The Board of Education hereby reserves the right to waive any informalities and reject any or all Bids or to accept the one that in its judgment will be for the best interest of the school district. A Bid Bond or Certified Check made payable to the Owner in the amount of five percent (5%) of the Bid, subject to the conditions provided in the Instructions to Bidders, must be deposited by each Bidder with his Bid as a guarantee that, in the case the contract is awarded to him, he will then, ten days thereafter, execute such contract and furnish a satisfactory Performance and Payment Bond, and the Bidder shall not withdraw his Bid for a period of forty-five days after the above date of Bid opening, and to guarantee the performance of all other obligations of the Bidders as set forth in Instructions to Bidders. Attention of the Bidders is called to the requirements as to the conditions of employment and minimum wage rates to be paid under this Contract as well as to the provisions set forth in the Instruction to Bidders. Work shall be commenced and continuously and diligently prosecuted immediately after contracts have been signed. Any Bidder upon returning such set-in good condition within thirty (30) days after Bid opening will be refunded the deposit. Any Bidder after thirty (30) days after Bid opening or Non-Bidder so returning such a set will not be refunded. A project milestone schedule has been established to conform to the Owner's requirements. 1. Time is of the essence for this project. 2. It is the responsibility of the Contractors to plan and coordinate their work so as to comply with the project schedule. 3. The Contractors hereby agree to carry out the work, in full cooperation with the Owner, Architect/Engineer and Agencies of Jurisdiction. 4. At no extra charge to the Owner, the Contractors shall employ the number of workers, supervisory personnel and shall work the number of legal shifts each day (including weekends, if necessary) in order for the Contractors to complete the work in accordance with the project schedule and attain substantial completion within the time period indicated in the project schedule. 5. The specific dates in the project schedule may be subject to change by the Owner. 6. Contractor should use the below milestone date information in conjunction with the phasing schedule and drawings included in this section.