All proposals or bids offered must be accompanied by a bid bond in a form acceptable to the School Board, cashiers check, or certified check made payable to School District 152 in the amount of not less than five percent (5%) of the total amount of the proposal as a guarantee that if the proposal is accepted, a contract shall be entered into and the performance of the contract is properly secured. No bid shall be withdrawn after the opening of the proposals without the consent of the Owner for a period of sixty (60) days after the scheduled time of closing bids. APPLICABLE REQUIREMENTS The Contractor and its subcontractor(s) shall pay to all laborers, workmen and mechanics performing work on this Project not less than the prevailing rates of hourly wages for work of a similar character in the locality in which the work is performed and not less than general prevailing rate of wages for legal holidays and overtime work in the performance of work under the contract, as established by the Illinois Department of Labor, and shall comply with the requirements of the Illinois Prevailing Wage Act (820 ILCS 130/1 et. seq.) and with the requirements of the Illinois Employment of Illinois Workers on Public Works Act (30 ILCS 570/.01 et. seq.). If the Department of Labor revises the prevailing rate of hourly wages, the revised rate shall apply to the Contract. The prevailing rates of wages are revised by the Illinois Department of Labor and are available on the Departments official website. The successful Bidder of the construction of the improvement will be required to file a performance and payment bond equal to one hundred percent (100%) of the contract, with sureties to be approved by the Architect, which bond shall include a specific obligation of the Surety to guarantee the faithful performance of the Contractor under the Illinois Prevailing Wage Act, and shall be conditioned upon proper and faithful performance by the Contractor of the work specified in accordance with the plans and specifications therefore, according to the time and terms and conditions of the contract. The Contractors bond shall also include a specific obligation of the Surety to guarantee that the successful Bidder, now the Contractor, shall properly pay all debts incurred by the Contractor in the execution of the work, including those for labor and material furnished for himself and all of his subcontractors. The bonding company shall have a minimum rating of A- X in accordance with Bests Key Rating Guide Latest Edition. The Contractor shall be required to furnish sufficient insurance to School District 152 against any and all claims which might arise for damages to persons or property due to the negligence of the Contractor or Subcontractors, or their officers, agents, employees or servants, during the construction of said improvement and until the said improvement has been finally accepted as complete by the School District 152. The Owner reserves the right to reject any and all proposals or bids.