The Contractor shall furnish all labor, material, equipment, supervision, testing, inspection and whatever else is necessary, whether described or not, in order to construct new the training facility structure, concrete pavement, retaining walls, bin walls, concrete steps, stockade fence, sliding gates, drainage, electrical work, plumbing work, foundation work, site work and any other work required to complete the project for the Fire Department Training Facility as outlined in the project plans and specifications. Each bid must be accompanied by a certified check or a bid bond, on forms provided herein, in the sum of not less than 5% of the amount of the bid, made payable to the Incorporated Village of Garden City, as security. Such certified checks or bid bonds will be returned to all except the three lowest bidders within three days after the opening of bids, and the remaining certified checks or bid bonds will be returned to the three lowest bidders after the execution of the contract, or if no contract has been so executed within forty-five (45) days after the opening of the bids, upon demand at any time thereafter so long as the bidder demanding same has not been notified of the acceptance of his bid. If any bidder shall fail or refuse to execute and deliver the bonds and insurance required within thirty (30) days after he has received notice of the acceptance of his bid, his certified check or bid bond shall be paid to and collected by the Village as liquidated damages for his default. The Village reserves the right to reject any or all bids and to waive any informality therein. Bidders are warned that the estimate of the quantities of the various items of work are approximate and given solely to be used as a uniform basis for the comparison of bids. The quantities actually required to complete the contract of work might be less or more than so estimated and, if so, no right to recover damages or loss of profits shall accrue to the Contractor by reason thereof.