Project consists of reconfiguration and update of existing office space. Mechanical and electrical work to support the reconfigured and updated spaces. Each proposal shall be accompanied by a bid bond, certified check, cashier's check or certified share draft in a separate sealed envelope, clearly marked Bid Bond or Bid Security, in an amount equal to five percent (5%) of the total amount of the proposal. The certified or cashier's check shall be drawn on a bank in Iowa or a bank chartered under the laws of the United States of America or the certified share draft shall be drawn on a credit union in Iowa or chartered under the laws of the United States and payable to the Heartland AEA. Said check or share draft may be cashed, or the bid bond forfeited as liquidated damages in the event the successful bidder fails or refuses to enter into a contract within ten (10) days of issuance of a Notice of Award and post bond satisfactory to the AEA insuring the faithful fulfillment of the contract and maintenance of said improvements as required by law. The bid bond should be executed by a corporation authorized to contract as a surety in the State of Iowa and must not contain any conditions either in the body or as an endorsement thereon. The successful bidder will be required to furnish performance and payment bonds in an amount equal to one hundred percent (100%) of the contract price, said bond to be issued by a responsible surety approved by the Board of Directors of the Heartland AEA of Johnston, Iowa, and shall guarantee the faithful performance of the contract and the terms and conditions therein contained, the payment for labor and materials used in the project and the maintenance of said improvements in good repair for not less than one (1) year from the time of acceptance of said improvements by the Board of Directors of the Heartland AEA. The work shall commence per the Bidding and Construction Schedule after receipt by the contractor of a written notice to proceed and shall be substantially completed on or before the 30 th day of April 2024, subject to any changes in the contract period as provided for in these specifications, and granted by the Board of Directors. The Work on shall be finally completed by, and ready for final payment, on or before the 15 th day of May 2024, subject to any changes in the contract period as provided for in these specifications and granted by the Board of Directors of the Heartland AEA.