07-1836B Contract with Prime Construction Group, INC

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PROJECT NO. 0706 The Undersigned further agrees to begin work not later than 10 days after the issuance date of the notice to proceed, unless otherwise provided, and to prosecute the Work in such manner and with sufficient materials, equipment and labor as will insure its completion within the time limit specified herein, it being understood and agreed that the completion within the time limit is an essential part of the Contract. In case of failure to complete the Work within the time named herein, or within such extra time as may have been allowed by extensions, the Undersigned agrees to pay the Owner or have the Owner withhold from the Undersigned such sums as liquidated damages as stated in the Agreement and General Conditions 6. PROPOSAL GUARANTY (BID DEPOSIT) The Proposal Guaranty attached, without endorsement, or Bid Deposit (certified check, or cashier's check), in the sum of $ S To of 8i d Dollars (which amount is 5% of the submitted Base Bid) is furnished herewith to the Owner as a guarantee that the Agreement will be executed and a Performance Bond furnished within ten (10) days after award of Contract to the Undersigned, or that the Undersigned will pay to the Owner the difference between the stipulated amount of this Proposal and such larger amount for which the Owner may in good faith contract with another party to perform the Work covered by this Proposal, provided that such payment shall be limited to the amount of this Proposal Guaranty. The Undersigned agrees that the Bid Deposit is the measure of Liquidated Damages due the Owner at the expiration of sixty (60) days from the opening of Bids if for any reason the Undersigned withdraws his Bid or Proposal after the opening of the Bids and prior to the time a formal written Agreement, evidencing the Contract, has been signed and delivered to the Owner and a satisfactory Performance and Payment Bond has been furnished, whether or not the Undersigned at the time of such withdrawal has been 'Q designated as the successful Bidder. The Undersigned further agrees that withdrawal of this Bid or Proposal, or failure to sign the Agreement within the time hereinabove set forth, shall automatically bar the Undersigned from any further consideration and terminate any and all rights the Undersigned may have acquired in, by or through this Bid or Proposal. The Undersigned further agrees that the Owner shall have the right to retain the Bid Deposit for a period of 60 days from the date of opening of Bids if the Undersigned is one of the three (3) lowest Bidders, and for a period of 10 days from the date of opening Bids if the Undersigned is not one of the three lowest Bidders. 00400-2 City of Casselberry- Section Updated 9/26/07 Version 4/01 02