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n 1, 6. Bid Security. 6.1 Form of Security. Bid shall be accompanied by a Bid Security in accordance with these requirements. The Bid Security shall be pledge that the Bidder will enter into a contract with the Owner on the terms stated on his Bid, in accordance with the Contract Documents, and will furnish the required 1 Performance Bond. 6.2 The Bid Security shall be in the form of a certified or cashier's check or a Bid Bond issued by a Surety meeting the requirements of paragraph 5.1 of the General Conditions. The Bid Security shall be made payable to the Owner. 6.3 Bid Bonds shall be duly executed by the Bidder as principal, issued by a corporate surety company authorized to do business in the State of *Minnesota, with a current copy of Power of Attorney of the Attorney -In -Fact who executes the Bond on behalf of the surety attached, as well as proper acknowledgements. # The Power of Attorney shall be dated the same date as the Bid. 6.4 The amount of the Bid Security shall be five percent (5%) of the Bidder's maximum Bid price. 6.5 Retention of Bid Security. The Owner shall have the right to retain the Bid Security of Bidders until: (a) The contract has been executed and the required Bonds have been furnished, or (b) The specified time has elapsed so that the bids may ba withdrawn, or (c) All Bids have been rejected. Thereafter, Bid Security in the form of checks will be returned to Bidders and Bid Bonds returned upon request of the Bidder. 6.6 Forfeiture of Bid Security. Should the Bidder be awarded a Contract and fail or refuse to execute and deliver the Contract and Performance Bonds required within fifteen (15) days after he has received notice .3f the acceptance of his Bid, he shall forfeit to the Owner, as liquidated damages for such failure 0 or refusal, the security deposited with his Bid. In the event the rontr.ct has not been prepared for signature within fifteen (15) days after notice of award, the Bidders snall have three (3) days after it is prepared and offered to execute the Contract and provide the Performance Bond. 7. Contract Time. The number of days within which, or the date by which, the Work is to be completel (the Contract Time) is set forth in the Bid Form and will be included in the Agreement. H. Liquidated Damages. r Provisions for liquidated damages, if any, are set forth in the Agreement. 71 wo a., - 3 -