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F `• s The undersigned agrees that if this Bid Proposal is accepted, at the time of the signing of the contract, two good and sufficient bonds will be furnished: one in the amount of 100 percent of the contract price for faithful performance of all the terms and covenants and conditions of the contract; the other in the amount of 50 percent of the contract price to guarantee the payment for labor and materials used in performing the work embraced under this contract. All bidder' s guarantees will be returned to the respective bidders after the contract has been awarded, except for those bid guarantees of bidders who may be given further consideration if the low bidder does not elect to execute the contract. After the award, if the Contractor awarded the bid does not execute the contract, the bidder' s guarantee will be forfeited. All bidder guarantees of unsuccessful bidders will be returned upon receiving the executed contract. Accompanying this Bid Proposal is (insert the words ' Cash, Certified Check, 'Cashier' s Check," or "Bidder' s Bond," as the case may be) payable to the City of Lodi in the amount equal to at least ten percent (10%) of the total bid, which is to be deposited with the City of Lodi as required. The undersigned further agrees that in case of default in executing the required contract, together with the necessary bonds, within ten (10) working days after receiving the contract for signature, the proceeds of the deposit accompanying the bid shall become the property of the City of Lodi , California, and this Bid Proposal and the acceptance thereof may be considered null and void. However, if the undersigned shall execute the contract and furnish the bonds required within the time aforesaid, the deposit shall be returned forthwith. It is understood that no verbal agreement or conversation with any officer, agent or employee of the City, either before or after the execution of the Contract, shall affect or modify any of the terms or obligations of this Bid Proposal . It is understood that the City will not be responsible for any errors or omissions on the part of the undersigned in making up the bid, nor will bidders be released on account of errors. The undersigned declares that the only person or persons interested in this proposal as principal or principals is or are the undersigned, and that no person other than the undersigned has any interest in this Bid Proposal or in the contract proposed to be taken; that this proposal is made without any connection with any other person or persons making a bid or proposal for the same purpose; that the proposal is in all respects fair and in good faith and without collusion or fraud; that no City Officer, either elected or appointed, and no City Employee is, shall be or become directly or indirectly interested as principal or principals in 3.3 TANK3/TXTW.02M