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<br />All proposals or bids shall be accompanied by cash, cashier's or <br /> <br />certified check payable to the order of the City Clerk, amounting to ten <br />percent (10%) of the bid, or by a bond in said amount and payable to <br />said City Clerk signed by the bidder and a corporate surety, or by the <br />bidder and two sureties who shall justify before any officer competent <br />to administer an oath, in double said amount and over and above all <br />statutory exemptions. The amount so posted shall be forfeited to said <br />City in case the bidder depositing the same does not, within fifteen <br />(15) days after written notice that the contract has been awarded to <br />him, enter into a contract with the City. <br />Pursuant to Section 1773 of the Labor Code of the State of <br />California, the City has obtained from the Director of the Department of <br />Industrial Relations the general prevailing rate of per diem wages and <br />the general prevailing rate for holidays and overtime work for each <br />craft, classification, or type of workman required to execute the <br />contract. A copy of said prevai 1 ing rate of per diem wages is on file <br />in the office of the City Clerk, to which reference is hereby made for <br />further particulars. Said prevailing rate of per diem wages will be <br />made available to any interested party upon request, and a copy thereof <br />shall be posted at the job site. <br />It is hereby determined that in the event the contractor, <br />contracting owners included, does not complete the work within the time <br />limit specified in the proposed contract or within such further time as <br />this Council shall have authorized, the contractor or contracting <br />owners, as the case may be, shall pay to the City liquidated damages in <br />the amount of Five Hundred Dollars ($500.0Q) per day for each and every <br /> <br />-2- <br />