A certified check/bank draft drawn on a solvent bank or a bid bond drawn on a solvent bank, payable without condition to the Village of Peotone 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 Village President and Board of Trustees for the faithful performance of the contract, must be furnished by the successful bidder. The Contractor will be required to pay not less than the prevailing wage rates on this project as established by the State of Illinois Department of Labor. The Contractor shall also comply with all applicable Federal and local regulations. IDOT Pre-qualifications will be required by all potential bidders. If in the opinion of the Engineer and the Village President and Board of Trustees, an applicant would not be able to serve the best interest of the Village, a proposal will not be issued to the applicant. This project is funded mostly with Illinois Department of Commerce & Economic Opportunity (IL DCEO) funding. The IL DCEO is requiring an overall Business Enterprise Program (BEP) Goal of 28% (Review included goal letter). The Contractor must review these documents and do everything laid out in the DCEO requirements to meet these goals. The Contractor must fill out the DCEO BEP Utilization Plan forms including Section I for each certified vendor and submit with their bid. No bid shall be withdrawn after the opening of the proposals without the consent of the Village President and Board of Trustees for a period of ninety days after the scheduled time of closing bids. 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 Village President and Board of Trustees their best interests will be promoted thereby.