The Project Proposal consists of the removal and replacement of the hydronic piping at La Salle Elementary School, City of Mishawaka. The specific work is described in more detail in the technical specifications and documents prepared by KSK Mechanical Design L.L.C. Each bid proposal shall be accompanied by a certified check, a cashier's check or a bid bond executed by a surety company which is authorized to do business in the State of Indiana, made payable to the School City of Mishawaka and in an amount equal to five percent (5%) of the bid proposal. In the event a bidder withdraws its bid or fails to execute a satisfactory contract within thirty (30) days after the contract is awarded to such bidder by the School City of Mishawaka, the School City of Mishawaka may declare the certified check, cashier's check or bid bond forfeited to the School City of Mishawaka, as liquidated damages. A bid proposal may not be modified, withdrawn or cancelled by the bidder for sixty (60) days following the time and date designated for the receipt of bids without the consent of the School City of Mishawaka. The School City of Mishawaka reserves the right to reject any and all bids or waive any or all informalities, irregularities and/or inconsistencies in, or with respect to, any or all bids. All contracts awarded in connection with this project and all obligations of payment by the School City of Mishawaka shall be conditioned upon and subject to obtaining financing or other funds sufficient to pay all of the amounts set forth in such contract. All awarded contracts will be subject to termination, without penalty or liability, at the option of the School City of Mishawaka at any time after execution of such contract in the event the School City of Mishawaka determines that funds will not be sufficient to pay all of the amounts set forth in such contract. Performance and Labor and Material Payment Bonds in an amount equal to one hundred percent (100%) of the contract amount shall be required to be provided by the successful bidder to the School City of Mishawaka or its assignee no later than ten (10) days after the execution of such contract. Such bonds shall remain in full force and effect for a period of twelve (12) months after the date of completion.