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' 6 . BID SECURITY ' 6 . 1 Each Bid must be accompanied by Bid security made payable to Owner in an amount of five percent of the Bidder's maximum bid price and in the form of a certified or bank check or a Bid Bond issued by a surety meeting the ' requirements of Paragraph 5 . 1 of the General Conditions . 6 . 2 The Bid security of the Successful Bidder will be retained until such Bidder has executed the Agreement and furnished the required Contract security , whereupon the Bid security will be returned . If the Successful Bidder fails to execute and deliver the Agreement and furnish the required Contract security ' within fifteen days after the Notice of Award , Owner may annul the Notice of Award , and the Bid security of that Bidder will be forfeited . ' The Bid security of other Bidders whom Owner believes to have a reasonable chance of receiving the award may be retained by the Owner until the earlier of the seventh day after the effective date of the Agreement or the sixty-first day ' after the Bid opening , whereupon Bid security furnished by such Bidders will be returned . Bid security with bids which are not competitive may be returned before the end of the sixty-day period . ' 7 . CONTRACT TIME The number of days within which , or dates by which , the work is to be substantially completed and also complete and ready for final payment ( the Contract Time ) are set forth in the Bid Form and the Agreement . ' 8 . LIQUIDATED DAMAGES Provisions for liquidated damages , if any , are set forth in the Agreement . ' 9 . SUBSTITUTE OR " OR EQUAL " ITEMS ' The Contract , if awarded , will be on the basis of materials and equipment described in the Drawings or specified in the Specifications without consideration of possible substitute or "or equal' items . Whenever it is indicated in the Drawings or specified in ' the Specifications that a substitute or "or equal' item of material or equipment may be furnished or used by Contractor if acceptable to Engineer , application for such acceptance will not be considered by Engineer until after the Effective Date of the ' Agreement . The procedure for submission of any such application by Contractor and consideration by Engineer is set forth in Paragraphs 6 . 7 . 1 , 6 . 7 . 2 , and 6 . 7 . 3 of the General Conditions and may be supplemented in the General Requirements . ' 10 . BID FORM ' 10 . 1 The Bid Form is included with the Bidding Documents ; additional copies may be obtained from Engineer ( or the issuing office ) . ' 10 . 2 All blanks on the Bid Form must be completed in ink or by typewriter . ' 044572000 00100 - 4