Construct Central Business District Streetscape project including all labor, materials, and equipment necessary to construct approximately 4,400 square yards of 10" portland cement concrete, 8,200 square yards of 8" portland cement concrete, approximately 6,700 square yards of sidewalk and driveway removal and replacement, approximately 48,000 square feet of permeable interlocking pavers, 3,300 linear feet of 15-inch thru 36-inch storm sewer, 600 linear feet of 8-inch thru 18-inch sanitary sewer pipe, services, manholes, intakes, 2,500 linear feet of 8-inch and 10-inch water main, services, fittings, valves, hydrant assembly, street lights, subbase, subdrains, surface restoration, testing, mobilization, traffic control and miscellaneous work, including cleanup. 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 City of Osceola, 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 City of Osceola. The bid shall contain no condition except as provided in the specifications. The Certified Check, Certified Share Draft or Cashier's Check may be cashed, or the Bid Bond forfeited, and the proceeds retained as liquidated damages if the bidder fails to execute a contract or file acceptable performance bonds or provide an acceptable certificate of insurance within ten (10) days after the acceptance of his proposal by resolution of the City. Each successful bidder will be required to furnish a corporate surety bond in an amount equal to 100% of its contract price. Said bond shall be issued by a responsible surety approved by the City of Osceola and shall guarantee the faithful performance of the contract and the terms and conditions therein contained and shall guarantee the prompt payment of all material and labor, and protect and save harmless the City of Osceola from claims and damages of any kind caused by the operations of the contract and shall also guarantee the maintenance of the improvement caused by failures in materials and construction for a period of four years from and after acceptance of the contract. The project shall be fully completed including final surface restoration by June 15, 2026. Failure to complete the work under the specified schedule will result in liquidated damages of $500.00 per day until the project is complete. The City of Osceola reserves the right to reject any or 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 City.