Repository: UIHistories Project: Planning Report - Sidewalks 1928 [PAGE 4]

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2. Bid for Work The bidder shall submit his proposal on the form furnished him and no other form of proposal will be considered. The proposal shall be completely filled out and signed with the full name and business address of the bidder. If the bidder be a co-partner it shall be signed in the co-partnership name by a firm member, and if a corporation in the corporate name by a duly authorized officer and the corporate seal attached. The bid shall be accompanied by a certified check in the sum of three percent (3 %) of the amount of the bid. It shall be drawn upon a banking institution in good standing doing business in the State of Illinois, and shall be made payable to the order of the Board of Trustees of the University of Illinois. The checks of the lowest three bidders on each contract will be retained until the contract is executed and the bond filed, but the checks of the remaining bidders will be returned within five days after the award is made. The Owner reserves the right to reject any or all bids. The competency and responsibility of the bidder will be considered in awarding the contract, and should the bidder be unknown to the Owner or the Supervising Architect or should his competency or responsibility be questioned, he shall, on request, file with the Owner proper references for investigation and the Owner reserves the right to make such investigations to assure himself that the bidder is qualified to undertake the performance of the work. 3. Contract Documents and Bond Within ten days after receiving written notice of the acceptance of his proposal the bidder shall enter into a contract with the Owner and within ten days after the execution of the contract he shall furnish a good and sufficient surety company bond in the full amount of the contract, guaranteeing the faithful performance of the contract in accordance with the terms thereof and including also provision insuring the protection of sub-contractors, material men, mechanics, workmen, or other persons furnishing material or labor to the same extent as tho they were parties to the bond and agreement. The bond shall remain in force during thirty days after the acceptance of the entire work, and for such future purposes as may be required to cover fully all guarantees required in the specification. The form of the bond and the surety thereon shall be subject to the approval of the Owner. The obligation of the surety shall be as hereinafter stated and, omitting formal and preliminary matters, the bond shall be substantially in the following form: T H E CONDITION OF THE ABOVE OBLIGATION I S SUCH, That if the Principal shall well and truly perform all the agreements and stipulations in said contract specified and shall pay all damages, by whomsoever sustained, by reason of failure or default on the part of said Principal to perform according to

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