Plans, specifications and contract documents for the construction of said public improvements of said project have been adopted by the City Council of said City and are on file in the office of the City Clerk and the office of the City Engineer of the City of Sand Springs. Contract requirements shall include compliance as required by law pertaining to the practice of nondiscrimination in employment. Any bid received more than ninety-six (96) hours excluding Saturdays, Sundays and holidays before the time set for the opening of bids, or any bid so received after the time set for opening of bids, shall not be considered and shall be returned unopened to the bidder submitting same. A certified or cashier's check or Bidder's Surety Bond, in the sum of five percent (5%) of the amount of the bid will be required from each bidder, to be retained as liquidated damages in the event the successful bidder fails, neglects or refuses to enter into said contract for the construction of said public improvements for said project, and furnish the necessary bonds within the fifteen (15) days from and after the date the award is made. Pursuant to the provisions of 68 O.S. 1356(I) sales of personal property or services to contractors who have duly entered into public contracts, or subcontractors of such public contracts, that are necessary for carrying out such public contract are exempt from sales taxes. Therefore, a bidder may exclude from the bid appropriate sales taxes which will not be required to be paid for acquisition of such tangible personal property or services necessary to the carrying out of such contract. The bidder to whom a contract is awarded will be required to furnish public liability and workmen's compensation insurance. Additionally, for bids in excess of $100,000, performance, statutory, and maintenance bonds acceptable to the City, in conformity with the requirements of the proposed contract documents will be required. The performance, statutory, and maintenance bonds shall be for one hundred percent (100%) of the contract price.