No bid may be withdrawn for a period of sixty (60) days from the opening of the bids. The Owner reserves the right to reject any or all bids and waive any informality in the bidding process in accordance with the law, if it is in the best interest of the Owner. The Contract, if awarded, shall be awarded to the lowest responsible bidder whose bid is responsive in all material respects to the bid requirements. No bid shall be deemed accepted until the adoption of a formal resolution by the Owner. Bids shall be marked in a sealed envelope with the name of the project plainly marked on the front of the envelope and accompanied by a bid guarantee in the form of a Certified Check, Cashier's Check, or Bid Bond in the amount of Ten Percent 10% of the bid, but not in excess of $20,000. The Bidder shall be classified by the New Jersey Department of the Treasury, Division of Property Management and Construction in the following trade C032 HVACR Subcontractors named in the Form of Bid Proposal for Electric, who perform any work on the Project, must be prequalified prior to the submission of bids, pursuant to the State of New Jersey Division of Property Management and Construction DPMC. C047 Electrical In addition, the bidder shall engage the services of a Division of Property Management and Construction (DPMC) prequalified and New Jersey Department of Community Affairs (NJDCA) certified Asbestos Safety Control Monitoring (ASCM) firm as well as a DPMC pre-qualified and New Jersey Department of Labor (NJDOL) licensed Asbestos Abatement Contractor and include the cost of such in its bid proposal. C092 Asbestos Removal/Treatment C093 Asbestos Removal Bidders are required to comply with requirements of N.J.S.A. 10:5-1 et seq., "The Law Against Discrimination" and affirmative action, N.J.S.A. 10:5-31 et seq. and N.J.AC. 17:27-1 et seq. All bidders and their subcontractors shall be registered with the New Jersey Department of Labor and Workforce Development, pursuant to the Public Works Contractor Registration Act, N.J.S.A. 34:11-56.48 et seq. All bids must be accompanied by a Certificate issued by the New Jersey Department of Labor and Workforce Development, pursuant to the Public Works Contractor Registration Act to the Bidder and all subcontractors. Pursuant to N.J.S.A. 52:32-44, it is encouraged that all bids include a New Jersey Business Registration Certificate issued by the New Jersey Department of Treasury, Division of Revenue of the Bidder and include that of all subcontractors i.e., "named subcontractors", whose prices are included in the Contractor's bid.