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6. PROPOSAL GUARANTEE <br /> 6.1 Each proposal shall be accompanied by a money order, certified check or bid bond <br /> payable to the OWNER in an amount not less than five percent (5%) of the total <br /> amount of the bid. No proposal will be considered unless accompanied by such <br /> deposit. <br /> 6.2 In case alternate bids are called for, providing for the use of several different classes <br /> of materials or types of improvement for the same WORK, one deposit in the amount <br /> of five percent (5%)of the total amount of the highest bid will be sufficient for all <br /> proposals. <br /> 6.3 As soon as a CONTRACT is awarded, all proposal guarantees shall be returned <br /> to the BIDDERS, except that of the successful BIDDER, which shall be retained <br /> until the CONTRACT has been signed and the bonds of the CONTRACTOR <br /> have been filed, approved and accepted which shall be within ten (10) days of <br /> notice of award of the CONTRACT. <br /> If the successful BIDDER shall fail to enter into such CONTRACT in accordance with <br /> his accepted proposal or shall fail to furnish the required bond within ten (10) days from <br /> notice of award, his proposal guarantee shall be forfeited to the OWNER as liquidated <br /> damages. <br /> The next best proposal shall be then considered the successful bid, and, at the discretion <br /> of the OWNER, the CONTRACT maybe awarded to the BIDDER submitting that <br /> proposal. <br /> 7. FINANCIAL DATA <br /> 7.1 The successful BIDDER shall have the right to receive financial data from the <br /> OWNER which provided information to the BIDDER under consideration for award <br /> that the payment provisions under the CONTRACT can be met by the OWNER. In <br /> the event that the OWNER refuses to provide financing information to the BIDDER, <br /> or should the BIDDER consider that the OWNER'S resources are inadequate, the <br /> BIDDER may withdraw his BID without penalty. <br /> 8. WITHDRAWAL OF BID <br /> 8.1 No BIDDER may withdraw his proposal for a period of sixty(60) days after the <br /> date and hour set for the opening. A BIDDER may, upon his written request, <br /> withdraw his proposal at any time prior to the deadline for submission of his bids. <br /> 9. ACCEPTANCE AND REJECTION OF BIDS <br /> 9.1 The OWNER reserves the right to accept the bid which, is the lowest and best bid; to <br /> award the CONTRACT by sections; to reject any or all bids; and to waive <br /> IB - 3 <br />