Renovation of a mixed-use development in Clifton, New Jersey. Completed plans call for the renovation of a educational facility.

All Bidders are required to submit a Bid Security with their bids. The Bid Security shall be in the amount of ten percent (10%) of the Bid, but not in excess of Twenty Thousand Dollars ($20,000.00), and payable to the order of the "Clifton Board of Education." If providing a Bid Bond, such bidders must also provide a Power of Attorney for the Attorney-In-Fact who issues the Bond, which document must be currently dated and valid for the entire amount of the Bond. Bid Securities shall comply with N.J.S.A. 18A:18A-24. A New Jersey Statutory Performance Bond and a Labor and Material Payment Bond in accordance with applicable New Jersey law as it applies to bonding, from a surety company approved and authorized to do business in the State of New Jersey and satisfactory to the Board, each in the amount of one hundred percent (100%) of the contract sum, shall be delivered simultaneously with the executed Contract. The Board reserves the right to reject any bond which, in the Board's sole discretion, does not comply with the applicable statute or the requirements set forth in the Contract Documents. If, at any time, or for any reason, the bonds cease to be adequate security for the Board, the successful Bidder shall, within five (5) days after notice, substitute an acceptable bond with surety satisfactory to the Board. The Contractor may not commence performing the Work until such time as satisfactory Performance and Payment Bonds have been delivered to the Board. Forms of bonds are included herewith. The Board may reject any bond that is not in conformance with the applicable statute.