Each Bidder must deposit, with their sealed bid, security in an amount not less than 10% of the base bid and all Alternate Bids in the proper form subject to the conditions set forth in the Instructions to Bidders Attention of the Bidders is specifically directed to the minimum wage rates to be paid under the contract, as well as to other provisions set forth in the bidding documents. Bidder will also be required to show, to the satisfaction of the SMITHTOWN CENTRAL SCHOOL DISTRICT that they are carrying Workers Compensation Insurance as required by law and all other Insurance in amounts not less than that specified under the General Conditions. Performance Bonds and Labor/Material Bonds, as called for in the General Conditions are a requirement of each contract. The SMITHTOWN CENTRAL SCHOOL DISTRICT reserves the right to reject any or all bids submitted, to waive any informality or irregularity in any bid, and/ or to accept any bid in whole or in part and/ or to award or not award the contract, if in the opinion of the SMITHTOWN CENTRAL SCHOOL DISTRICT, the best interest of the SCHOOL DISTRICT will thereby be served. This invitation is an offer to receive bids for a contract. The successful Bidder will be required to execute a formal contract in the form contained in the Contract Documents. All bids received after the time stated in the Notice to Bidders will not be considered and will be returned unopened to the bidder. The bidder assumes the risk of any delay in the mail or in the handling of the mail by employees of the SCHOOL DISTRICT. Whether sent by mail or by means of personal delivery, the bidder assumes responsibility for having its bid deposited on time at the place specified. Each Bidder shall agree to hold their bid price for (45) days after the formal bid opening. Per Article 8, Section 220 of the New York State Labor Law, every contractor and sub-contractor shall submit to the SCHOOL DISTRICT within (30) days after issuance of its first payroll, and every (30) days thereafter, a transcript of the original payroll record, as provided by this article, subscribed and affirmed as true under penalties of perjury. The SCHOOL DISTRICT shall be required to receive and maintain such payroll records. The original payrolls or transcripts shall be preserved for (5) years from the completion of the work on the project.