Demolition of the Cul-de-Sacs. Each bid must be accompanied by a separate envelope containing the contractor's license and bid security. The bid security must be in a sum equal to five percent of the full amount of the bid and must be in the form of a bidder's bond. A bidder's bond must be executed by the bidder as principal and by a surety, conditioned that if the principals bid is accepted and the contract awarded to the principal, the principal, within ten days after notice of the award, shall execute a contract in accordance with the terms of the bid, the bid bond, and any conditions of the governing body. Bids shall comply with North Dakota Century Code Chapter 48-01.2 as amended. If a successful bidder does not execute a contract within the time allowed, the bidder's bond shall be forfeited to the governing body and the project awarded to the next lowest responsible bidder. No bidder may withdraw their bid within 60 days after the actual date of the opening thereof. The Bid Bond of the three lowest Bidders for each contract will be retained until the contract has been awarded and executed, but no longer than sixty (60) days after the date of the Bid. All Bidders shall hold a valid North Dakota Contractor's license of the proper class for the full amount of the bid as required by North Dakota Law Sections 43-07-05 and 43-07-12 and shall enclose a copy of the license or Certificate of Renewal of the license in the same envelope as the Bidder's Bond. A Contractor shall be the holder of a license at least ten days prior to the date set for receiving Bids to be a qualified Bidder. No bid will be read or considered which does not fully comply with the above requirements as to bond and licenses, and any deficient bid submitted must be resealed and returned to the bidder immediately. All contracts and all subcontracts must contain provisions requiring compliance with all Section 3 provisions of the HUD Act of 1968 and found under 12 U.S.C 1701u and as supplemented by regulations at 24 CFR Part 75. Please Note that Cul-de-Sac Demolition and Dakota II apartments is being funded by the following sources: LIHTC, HTF, State CDBG, and FHLB Des Moines AHP. Bids shall be in accordance with and submitted on the Bid form supplied within the Bid Documents. Failure to do so may result in rejection of the Bid. The Owner reserves the right to reject any and all bids and to waive any formalities therein, and rebid the project until a satisfactory bid is received.