Time for Commencement and Completion of Work. Work on the improvement shall commence upon approval of the contract by the Board of Trustees and as stated in the Notice to Proceed. All work under the Contract must be substantially complete on or before July 31, 2024. Liquidated damages as set forth in Section 00500 - Contract. Installation of approximately 8,400 feet of 8 inch and 12 inch diameter water main adjacent to US Highway 18 and 100th Ave. in Algona, Iowa. The Algona Municipal Utilities Board of Trustees reserves the right to reject any or all bids, to waive informalities or technicalities in any bid, and to enter into such contract, or contracts, as it shall deem to be to the best interest of the Algona Municipal Utilities. Bid Security. Each bidder shall accompany its bid with bid security, as defined in Iowa Code Section 26.8, 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 equal to 5 percent of the total amount of the bid. The bid shall contain no condition except as provided in the specifications. If the bidder fails to execute the contract and to furnish an acceptable performance, payment, and maintenance bond or provide a Certificate of Insurance within ten (10) days after acceptance of the bid by the Owner, the bid security may be forfeited or cashed by the Owner as liquidated damages. Preference of Products and Labor. By virtue of statutory authority, a preference will be given to products and provisions grown and coal produced within the State of Iowa, to the extent lawfully required under Iowa statutes. Sales Tax Exemption Certificates. The bidder shall not include sales tax in the bid. The Algona Municipal Utilities will distribute tax exemption certificates and authorization letters to the Contractor and all subcontractors who are identified. The Contractor and subcontractor may make copies of the tax exemption certificates and provide a copy to each supplier providing construction materials. These tax exemption certificates and authorization letters are applicable only for this specific project under the Contract. The bid security must be in the minimum amount of 5% of the total bid amount including all add alternates