The project consists of Electrical Equipment, Associated Labor, and other related Work indicated in the Drawings and Specifications. The project location is 151. E May St., Marengo, IA 52301. A bid bond, certified check shall accompany each proposal, 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 Iowa Valley Community School District. 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 a contract within ten ( 10) days of issuance of a Notice of Award and post bond satisfactory to the School District insuring the faithfùl 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. It 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%) ofthe contract price, said bond to be issued by a responsible surety approved by the Board The work shall commence per the Bidding and Construction Schedule after receipt by the contractor of a written notice to proceed. It shall be substantially completed on or before the 19,h day ofJuly 2024, subject to any changes in the contract period as provided for in these specifications and granted by the Board of Directors. The Work shall be finally completed by and ready for final payment on or before August 30th, 2024, subject to any changes in the contract period as provided for in these specifications and granted by the Board of Directors ofthe Iowa Valley Community School District.