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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 . 01 . 8 and 5 . 02 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 F=orm and the Agreement. 80 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 . 05 of the General Conditions and may be supplemented in the General Requirements , 10 , BID FORM 00100-4 F:\Utilities\UTILITY - ENGINEERING\Projects - Utility Construction Permits\IRC - Labor Contract RE-BID for 2005-2006\BID DOCUMENTS - USE ONLY FOR THIS PROJECT\BID DOCUMENTS\00100 Instruction To Bidders .doc