Work on the improvements may be commenced immediately upon issuance of the Notice to Proceed. The Notice to Proceed will be issued upon approval of the contract by the City Council. Issuance of the Notice to Proceed is anticipated to occur on or before September 12, 2023. This project has a specified completion date of December 1, 2023. Project completion includes approval by the City Engineer of all water and electrical services and related appurtenances; surface restoration; completion of punchlist items; and submittal of final pay application. Should the contractor fail to complete the work prior to the specified completion date, liquidated damages in the amount of Two Hundred Fifty dollars ($250.00) per calendar day will be assessed until the work is fully completed. Each bidder shall accompany its bid with bid security as defined in Iowa Code Section 26.8, as security that the successful bidder will enter into a contract for the work bid upon and will furnish after the award of contract a corporate surety bond, in a form acceptable to the Jurisdiction, for the faithful performance of the contract, in an amount equal to 100% of the amount of the contract. The bidder's security shall be in the amount fixed in the Instruction to Bidders and shall be in the form of a cashier's check or a certified check drawn on an FDIC insured bank in Iowa or on an FDIC insured bank chartered under the laws of the United States; or a certified share draft drawn on a credit union in Iowa or chartered under the laws of the United States; or a bid bond on the form provided in the contract documents with corporate surety satisfactory to the Jurisdiction. The bid shall contain no condition except as provided in the specifications. The City of Burlington does hereby reserve the right to reject any and all bids, to waive informalities, and to enter into such contract, or contracts, as it shall deem to be in the best interest of the jurisdiction. The City of Burlington reserves the right to defer acceptance of any bid for a period of sixty (60) calendar days after receipt of bids and no bid may be withdrawn during this period.