Gravel and Blast Furnace Slag bid bond is not required for this project. If a bid bond is required, it must be in the amount of 5.0% of the bid amount and in the form of EJCDC bid bond form C-430 or another form acceptable to the City attorney. As an alternative to the bid bond, City will accept a cashier's check to the City in the amount of 5.0% of the bid amount or an irrevocable standby letter of credit in the amount of 5.0% of the bid amount that is in a form and substance acceptable to the City Attorney. Payment bonds are required for any contract exceeding $50,000 for the construction, alteration, or repair of any City building, public work or improvement. Payment bonds must be in the full amount of the contract price. Payment bonds must be in the form of EJCDC payment bond form C-615 or another form acceptable to the City attorney. Payment bonds must be provided before any notice to proceed is issued. City reserves the rights to do any or all of the following: 1. Cancel any bid, order, and/or contract in whole or in part without penalty due to failure of a proponent/contractor to comply with the specifications. 2. Reject any or all bids. 3. Waive any irregularities, nonconformities, or technicalities of any bid. 4. Correct any bid during tabulation so a discrepancy in computing the amount of the bid is resolved by using quoted unit prices. 5. Review the experience, qualifications, and other information about any proponent and any identified subcontractor or consultant submitted as part of the bid/proposal. 6. Inquire of others about any bidder/proponent, identified subcontractor(s) or consultant(s), and their personnel. 7. Require background checks of the personnel of any proponent or identified subcontractor or consultant of any proponent to be undertaken at the expense of the proponent. 8. Negotiate with one or more selected proponent(s). 9. Award the bid and/or contract in a manner and to such proponent as deemed to be in City's best interests.