No bid shall be withdrawn after the opening of the proposals without the consent of the President and Board of Trustees for a period of ninety days after the scheduled time of closing bids. All proposals shall be sealed in an envelope, addressed to the Village of Richton Park, attention Public Works Director. The name and address of the bidder and the name of the project shall also appear on the outside of the envelope. Proposals must be submitted on the forms provided by the Engineer A certified check/bank draft drawn on a solvent bank, cashier's check or bid bond, payable without condition to the Village of Richton Park 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 President 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 President and Board of Trustees their best interests will be promoted thereby. The Contractor is advised that no work can begin on the project until the Village obtains all required permits. The Contractor will be required to pay not less than the prevailing wage rates on this project as established by the Illinois Department of Labor. The Contractor shall also comply with all applicable Federal, State, and local regulations. Bidder qualifications and experience will also be included in the basis for determining the lowest responsible bidder. Prequalification will be required to be submitted to the Engineer by all potential bidders prior to receiving a bid package. If in the opinion of the Engineer and the President and Board of Trustees, an applicant would not be able to serve the best interest of the Village of Richton Park, a proposal will not be issued to the applicant