Each bid must be accompanied by a bid security deposit of an amount equal to at least ten (10%) percent of the amount of the base bid, but not in excess of $20,000, pursuant to N.J.S.A. 18A:18A-24, the deposit may be either a certified check or cashier's check drawn on an incorporated bank or trust company payable to the order of the Owner, or a Bid Bond in the form provided in the Contract Documents, with corporate surety satisfactory to the Owner, naming as obligee, in favor of the Owner as a guarantee that, in case the contract is awarded to the bidder, he will execute such contract The bid security is to be retained and applied as provided, in case bidder would default in executing the Agreement or furnishing the required bonds and insurance certificates as required by the Contract Documents The bid security deposits of all excepting the three lowest bidders will, if requested, be returned after ten (10) business days from the opening of bids, and the remaining deposits will be returned when the contract of the successful bidder is approved. The successful bidder will be required to furnish a New Jersey Statutory Performance Bond and a Labor and Material Payment Bond in the stated amount of one hundred percent of the contract sum. The Consent of Surety shall be executed by an approved Surety Company authorized to do business in the State of New Jersey. The Surety's consent and guarantee to issue the Performance Bond and Labor and Material Payment Bond must be unconditional. Submission of a Consent of Surety which contains any prior conditions upon the Surety's issuance of the required The Owner reserves the right to waive minor informalities or nonmaterial exceptions in, or to reject, any or all bids pursuant to N.J.S.A. 18A:18A-22, as may be permitted by law. No bid may be withdrawn for a period of sixty (60) days after the actual date of the opening thereof ANY and ALL questions are to be directed to the Architect only. Questions MUST be in writing and can be faxed to 856-547-6250, Attn: Lauren Whitney. Questions can also be e-mailed to lwhitney@tbsservices.com Any requests for clarification or interpretation must be in writing and in the office of the Architect no later than noon (12:00 p.m. prevailing time) and must be received by January 21, 2022, without exceptions. If it is deemed necessary, instructions in the form of Addenda / Clarifications to Specifications and/or Drawings will be issued to all Bidders by certified mail or certified fax no later than seven (7) days Saturdays, Sundays, and holidays excepted, or January 24, 2022, prior to the date for acceptance of bids
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