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EXHIBIT VIII-I. Cant. irregularities therein. Bidders and other persons properly interested may be present, in person or by representative. WITHDRAWAL OF BIDS Bids may be withdrawn on written or telegraphic request dispatched by the Bidder in time for oelivery in the normal course of business to the time fixed for opening; provided, that written confirmation of any telegraphic withdrawal over the signature of the Bidder is placed in the mail and postmarked prior to the time set for Bid opening. The Bid guaranty of any Bidder withdrawing his Bid in accordance with the foregoing conditions will be returned promptly. AWARD OF CONTRACT: REJECTION OF BIDS The Contract will be awarded to the responsible Bidder submitting the lowest Bid complying with the conditions of the Invitation for Bids. The Bidder to whom the award is made will be notified at the earliest possible date. The Local Public Agency, however, reserves the right to reject any and all bids and to waive any informality in Bids received whenever such rejection or waiver is in its interest. The Local Public Agency reserves the right to consider as unqualified to do the work of general construction any Bidder who does not habitually perform with his forces the major portions of the work involved in construction of the Improvements embraced in this Contract. EXECUTION OF AGREEMENT: PERFORMANCE AND PAYMENT BONDS Sections 38-26-105 and 38-26-106, CRS 1973, as amended, shall apply to all grants that require the contracting (or subcontracting) for construction or facility improvements. These sections require: A PAYMENT BOND ON THE PART OF THE CONTRACTOR FOR PAYMENT OF ALL AMOUNTS LAWFULLY DUE WHEN THE CONTRACT PRICE IS FOR MORE THAN $50,000. A "payment bond" is one executed in connection with a contractor to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract. (Section 38-26-105). A PERFORMANCE BOND ON THE PART OF THE CONTRACTOR FOR NOT LESS THAN ONE-HALF (Yo) OF THE TOTAL AMOUNT PAYABLE BY THE TERMS OF THE CONTRACT WHEN THE CONTRACT PRICE IS FOR MORE THAN $50,000. A "performance bond" is one executed in connection with a contract to secure fulfillment of all the contractor's obligations under such contract. (Section 38-26-106). Although State Statute requires only a 50 percent performance bond, the Department suggests all performance bonds be in payment of 1 00 percent of the contract price. The bonds shall be obtained from companies holding certificates of authority as acceptable sureties. A certified or cashier's check or a bank money order may be accepted in lieu of a bond. Sample forms of both payment and performance bonds can be found in this guidebook beginning on Exhibits VIII-N-3 & VIII-N-S. WAGES AND SALARIES Attention of Bidders is particularly called to the requirements concerning the payment of not less than the prevailing wage and salary rates specified in the Contract Documents and the conditions of employment with respect to certain categories and classifications of employees. VllI-l-4 {Revised 5199)