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Equipment is to be delivered by a mutually agreeable time by both parties of bid award and purchase authorization. INSPECTION/APPROVAL The equipment to be delivered hereunder will be subject to KVEC’s inspection and approval within a reasonable time after delivery and/or installation. KVEC will have the right to reject defective or non-conforming equipment and at Bidder’s (i.e. Seller’s) risk and expense return the defective equipment to be promptly replaced with complying equipment. Such a return of defective equipment will not extend the required delivery date. For any such defective, non-conforming or rejected equipment, KVEC shall also have the alternative option of returning the equipment at Bidder’s (Seller’s) expense and cancelling all or the remainder of the order. As a third option, KVEC may accept the defective or non-conforming equipment at an agreed upon price reduction from the Bidder (Seller) which will result in an appropriate reduction in the contract sum before final payment. LIQUIDATED DAMAGES KVEC and the successful bidder agree that time is of the essence in the delivery of the equipment, which is the subject of this bid, and that KVEC will suffer financial loss if the equipment is not delivered on time. Accordingly, KVEC and the vendor will agree to a provision in the contract setting liquidated damages at fifty dollars ($50.00) per day for each day after the required delivery date that vendor does not deliver the equipment to be purchased hereunder free of equipment defects and deviations. INSURANCE RESPONSIBILITY The successful bidder will be responsible for the equipment and shall properly insure the equipment during transit and until KVEC accepts the equipment in writing. Bidder will also be required to obtain proof of insurance under the requirements shown in Attachment B that will cover the installation and services under the Contract. CONSIDERATION AND PAYMENT The Contract will set forth the agreed upon price to be paid by KVEC. Payment will be made net thirty (30) days after receipt by KVEC of invoice and completed W-9 IRS Form from the seller. KVEC’s tender of payment by check is sufficient. No charges for shipping, handling, packaging or insurance will be allowed unless stated in the Contract. FAILURE TO PROMPTLY EXECUTE CONTRACT If the successful Bidder fails or refuses to sign and deliver the Contract, including the attached proposed contract conditions and the necessary insurance within fifteen (15) calendar days of contract award, KVEC may cancel the award to that Bidder and award to the next lowest responsible and responsive bidder meeting the bid specifications and the original low bidder shall have no recourse against the Agency. BID INSTRUCTIONS Proposals must be submitted by mail, email, delivery service or personal delivery and received by KVEC by the date and time specified in the Proposal Solicitation. Late Proposals will not be