The following is added: Bid security shall be in the form of a bid bond in an amount equal to at least Five Percent (5%) of the total amount of the bid. Bid security shall be made payable to the Owner. Bids submitted without the bid security will not be considered. The following is added: The successful Bidder shall furnish a Performance Bond in a amount equal to One Hundred Percent (100%) of the total Contract Sum as security for the faithful performance of each Contract. The successful Bidder shall furnish a Material and Payment Bond in an amount equal to One Hundred Percent (100%) of the total Contract Sum as security for the payment of persons performing labor and/or furnishing materials in connection with each Contract. Each bond shall be issued by a surety licensed to do business in the State in which the Project is located; each surety and bond is subject to the approval of the Owner. The form of agreement shall be executed in triplicate by the Architect within five (5) working days of written notice from the Owner of the award of the Contract for the project. The Contractor and the Contractor's surety, if any, shall be liable for and shall pay the Owner the sums hereinafter stipulated as liquidated damages, and not as a penalty, for each calendar day of delay after the date established for Substantial Completion in the Contract Documents plus approved extensions of time, until all the Work is substantially complete: the sum of FIVE-HUNDRED DOLLARS ($500.00) per each day per each facility (ES, MS, or HS) not completed by the substantial completion date for that facility. Materials and workmanship shall be subject to observation and test by Owner and Architect, at any time during installation. Architect and Owner shall have the right to reject or require correction of defective materials and workmanship. THE SCHOOLDISTRICT RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS, IN WHOLE AND IN PART, AND TO WAIVE ANY TECHNICALITIES THEREIN.
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