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r <br /> CONTRACTOR and OWNBR reco2niae that time is of the essence of the Agreezrieat and that OWNER <br /> vrill suffer financial loss if the Work is not completed within the times specified in the Bid Form, plus <br /> r any, extensions thereof allowed as specified elsewhere herein. The paries also recognize the delays, <br /> expense, diff cut-Its invo_ved in proving in a legal or arcitration proceeding the actual ioss suffered by <br /> OWNER if the work is not completed on tune. Accordingly, instead of requiring any such proof, <br /> OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) , <br /> CONTRACTOR shall pay OWNER $ -50 . 00 for each calendar day that expires after the time specified it- <br /> the Bid Form for Substaut=eal Completion until the work is substantially complete. <br /> r <br /> Acceptance of Bid: <br /> The CONTRACTOR understands and agrees that the Owner resen-es the right to accept or reject any or <br /> all Bids submitted within. 90 calendar days from the date of the Bid opening. CONTRACTOR agrees <br /> that it will not withdraw its Bid for said period of time . <br /> r <br /> Owner anticipates award of bid within thirty calendar days fi om bid opening. <br /> r Time. <br /> Time is of the essence. The undersigned bidder agrees; that if awarded a contract, to execute an <br /> agreement within fourteen days and provide necessary insurance forms in the same time frame. Any <br /> r exception to these conditions must be noted in your Bid. <br /> The undersigned hereby certifies that they have read and understand the contents of this solicitation and <br /> agree to Runish at the prices shown any or all of the items above, subject to all instructions, conditions , <br /> specifications and attachments hereto. Failure to have read all the proz6sions of this solicitation shall not <br /> be cause to alter any resulting contract or recuest additional compensation. <br /> r - <br /> Respectfally Submitted, <br /> ' Passage Island Homes , Inc . 1910 82nd Avenue 4205 <br /> Name of Firm � Address <br /> r <br /> Vern Raarh FT "22Q66 <br /> Authorized Signature City, State, Zip Code <br /> r <br /> President (_L72 ) 257 - 3500 <br /> Titie Phone <br /> Date Signed (Corporate Seal) <br /> r <br /> E-mail : Brian@passage isIandhomes . com <br /> r <br /> Occupational License : 000502 - 0002432 <br /> FEIN Number: 5 9 - 3 4 5 6 5 6 2 <br /> r <br /> Page 28 of 40 <br />