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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 w 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 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 eo do business in the State of Minnesota, 'Y~ with a current copy of Power of Attorney of the Attorney -In -Fact who executes the Bond on behalf of the surety attachea, as well as proper acknowledgements. The Power of Attorney shall be dated the same date as the 3id. f• 6.4 The amount of the Bid Security shall be five oer.ent (5'%) of the Bidder's maximum Bid price. It"& 6.5 Retention of Bid Securit_+. The Owner shall have the right to retain ;te 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been executed and the required Bonds have been furnished, or (b) The specified time has elapsed so that the bids may be withdrawn, or (c) All. 31ds have been rajected. Therhafter, 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 anL-: Performance Bonas required within fifteen (15) days after he has received notice of the acceptance of his Bid, he shall forfeit to the Owner, as liquidated damages for such '.ilure y, or refusal, the security deposited with his Bid. In the event the Contra,-t has not been prepared for signature within fifteen (15) days after notice o4 award, the Bidders shall have three (3) days after .t is prepared and )ffered to execute the Contract and provide the Performance Bond. Contract Time. The lumber if days -within which, or the date by which, the Work is to be :ompleted (the Contract Time) is set forth in the 3id Form and will be included in the Agreement. 3. Liquiiatad Damages. ?r0vi313n3 for liquidated damages, if any, are set forth in the Agreement. 3-