Each bid shall be accompanied by a bid bond, certified check, cashier's check or certified share draft in a separate sealed envelope, clearly marked Bid Bond or Bid Security, in an amount equal to five percent (5%) of the total amount of the bid. The certified or cashier's check shall be drawn on a bank in Iowa or a bank chartered under the laws of the United States of America or the certified share draft shall be drawn on a credit union in Iowa or chartered under the laws of the United States and payable to Laurens Municipal Power and Communications. Said check or share draft may be cashed, or the bid bond forfeited as liquidated damages in the event the successful bidder fails or refuses to enter into a contract within ten (10) days of issuance of a Notice of Award and post bond satisfactory to the Board insuring the faithful fulfillment of the contract and maintenance of said improvements as required by law. The bid bond should be executed by a corporation authorized to contract as a surety in the State of Iowa and must not contain any conditions either in the body or as an endorsement thereon. Bids received will be acted upon at such later time and place as may then be established. The successful bidder will be notified after The Board awards the contract. The Board reserves the right to reject any and all proposals, re-advertise for new bids and to waive informalities that may be in the best interest of LMPC. A hearing will be conducted on the proposed plans and specifications, the proposed form of contract and estimated cost for the Storage Building, Laurens Municipal Power and Communications, Laurens (LMPC), Iowa at a meeting of the Laurens Municipal Power and Communications Board (the "Board") to be held in the Board Room, 272 N 3rd St. A, Laurens, Iowa 50554 at 3:00 P.M., on the 27th of July 2023, at which time and place any person may appear and file any opinion and express their view to the proposed plans, specifications and form of contract and estimated costs for the Project, both orally and in writing. Direct questions to Joceyln Lange, via email or phone; lange.j@cmbaarchitects.com or 712- 262-3426. Question Deadline 08/10/2023 The Project consists of the construction of a new standalone Storage Building.