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ARTICLE 8 - BID SECURITY 8 . 01 Each Bid must be accompanied by Bid Security made payable to OWNER in the amount of five percent of the Bidder' s maximum base bid price and in the form of a certified check ; cashier's check ; or an AIA Document A310 Bid Bond issued by a surety meeting the requirements of Paragraph 5 . 01 of the General Conditions . The Bid Bond shall be executed by such sureties as are named in the current list of " Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies " as published in Circular 570 (amended ) by the Financial Management Service , Surety Bond Branch , U . S . Department of the Treasury . The Surety must be authorized to issue surety bonds in Florida . The Bidder shall require the attorney- in -fact who executes any Bond , to affix to each a current certified copy of their Power of Attorney , reflecting such person ' s authority as Power of Attorney in the State of Florida . Further, at the time of execution of the Contract , the Successful Bidder shall for all Bonds , provide a copy of the Surety' s current valid Certificate of Authority issued by the United States Department of the Treasury under 31 United States Code sections 9304- 9308 . The Surety shall also meet the requirements of paragraphs 5 . 01 and 5 . 02 of the General Conditions , 8 . 02 The Bid security of the Successful Bidder will be retained until such Bidder has executed the Contract Documents , furnished the required contract security and met the other conditions of the Notice of Award , whereupon the Bid security will be returned . If the Successful Bidder fails to execute and deliver the Contract Documents and furnish the required contract security within 15 days after the Notice of Award , OWNER may annul the Notice of Award and the Bid security of that Bidder will be retained by the owner. The Bid Security of other Bidders whom OWNER believes to have a reasonable chance of receiving the award may be retained by OWNER until the earlier of seven days after the Effective Date of the Agreement or 90 days after the Bid opening , whereupon Bid Security furnished by such Bidders will be returned . 8 . 03 Bid Security of other Bidders whom OWNER believes do not have a reasonable chance of receiving the award will be returned within seven days after the Bid opening . ARTICLE 9 - CONTRACT TIMES 9 . 01 The number of calendar days within which , or the dates by which , the Work is to be (a ) Substantially Completed and ( b) also completed and ready for final payment are set forth in the Agreement . ARTICLE 10 - LIQUIDATED DAMAGES 10 . 01 Provisions for liquidated damages , if any , are set forth in the Agreement . ARTICLE 11 - SUBSTITUTE AND " OR - EQUAL" ITEMS 11 . 01 The Contract , if awarded , will be on the basis of materials and equipment specified or described in the Bidding Documents without consideration of possible substitute or " or-equal " items . Whenever it is specified or described in the Bidding Documents that a substitute or " or- 00200 - Instructions to Bidders REV 04-07 . doc 00200 - 5 F. \Public Works\ENGINEERING DIVISION PROJECTS\1142-Misc Culvert Replacements\Admim\bid documents\00200 - Instructions to Bidders REV 04-07. doc Rev . 05/01