The Project work shall consist of furnishing all labor, materials, and equipment in accordance with the contract documents. Each bid shall be accompanied by a Bid Guaranty and Contract Bond as required by Section 153.54 of the Ohio Revised Code in an amount equal to the sum of the bid submitted by each contractor. In lieu of posting the bond, a bidder may use a Cashier's Check, Certified Check or Letter of Credit for ten percent of the Contractor's bid as bid security. When a check or letter of credit is used, the bidder shall be required to post a 100 percent Performance Bond and a 100 percent Labor and Material Payment Bond, upon the signing of the contract. Federal Prevailing Wage Rates and Equal Employment Opportunity requirements are applicable to this project. The proposed work is subject to the requirements of Section 3 of the Housing and Urban Development Act of 1968 and the implementing regulations at 24 CFR part 75. The criteria for determining eligibility as a Section 3 business concern can be found in 24 CFR 75.5 and the selected Contractor's Section 3 obligations, as described at 24 CFR 75.19. The Owner reserves the right to reject any and all bids, and the right to accept the lowest and best bid, the right to waiver minor irregularities on any bid, and the right to accept the bid proposal which promotes the best interest of the Owner. Failure to submit the Bid Guaranty Bond and the required notarized affidavits with the bid shall be cause for considering the bid submission incomplete and for the rejection of the bid. Each bid must contain the full name of the party or parties submitting the bid and all persons interested therein. Each bidder must submit evidence of its experiences on projects of similar size and complexity. All contractors and subcontractors involved with the project will, to the extent practicable use Ohio Products, materials, services, and labor in the implementation of their project. Additionally, contractor compliance with the equal employment opportunity requirements of Ohio Administrative Code Chapter 123.2, the Governors Executive Order of 1/27/72, and Governor's Executive Order 84-9 shall be required.