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eoM ~ • <br />XIII. A maximurn installation date must be quoted and adhered to. If date <br />is exceeci2e, a$lU0.00 per day penalty will be levied on the bidder. <br />XIV. A Bid Bond, Performance Bond and Payment Qond are required as de- <br />scribed below: <br />A. A bid guarantee from each bidder equivalent to five percent <br />of the bid price. The 'rbid guarantee~' shall consist of a firm <br />comrr2itment such as a bid bond, certified check, or other ne- <br />gotiab?e instrument accompanying a bid as assurance that the <br />bidder will, upon acceptance of his bid, execute such cont- <br />ractual documents as may be required within the time specified. <br />B. A performance band on the part of the contractor for 100 <br />percent of the contract price. A performance bond" is one <br />executed in connection with a contract to secure fulfillment <br />of all the contractor's obligatians under such contract. <br />C. A payment bond on the part af the contractor for 100 percent <br />of the contract price. A payment bond' is one executed in <br />connection with a contract to assure payment as required by <br />law of all persons supplying labar and materia7 in the ex- <br />ecution of the work provided for in the contract. <br />END OF SPECIFICATIONS <br />