Work generally includes but is not limited to the following: Modernization of the existing three (3) elevators. Select removals of equipment and material at existing three (3) elevators. A Bid Security in the form of a cashier's check, certified check, or acceptable bidder's surety bond, made payable to the Owner, in an amount that is not less than ten percent (10%) of the Bid proposal submitted, including all Alternates, shall accompany each Bid as a guarantee that: (1) the Bidder will not modify, withdraw or cancel the proposal for thirty (30) days after the bid date; and (2) the bidder, if awarded the contract, will promptly enter into a contract and execute such bonds and furnish such insurance certificates as may be required. Should the Bidder fail to honor these two (2) guarantees for any reason, the Owner shall total the damages and shall deduct the amount of such damages from the Bidder's Bid Security. Should the damages total less than the amount of the Bid Security, the difference shall be returned to the Bidder. However, all damages in excess of the Bid Security shall be borne by the Owner. Damages may include, but shall not be limited to, reasonable compensation for the Owner's additional time spent, additional Architect's fees, costs to the Owner for delays in completion of the Work based upon the Bidders proposed Contract Time and the Contract Time as Awarded including, but not limited to, interest expense and lost revenue, the difference between the Bidder's proposed Contract Sum and the Contract Sum as awarded and costs to re bid the Project should such action become necessary. Such bid securities will be returned to the unsuccessful bidders after execution of the Contract. The Owner reserves the right to require from any bidder, prior to contract award, a detailed statement regarding the business and technical organization of the bidder that is available for the contemplated ac, and a list of his proposed subcontractors. Information pertaining to financial resources may also be required. Champaign County has a Project Labor Agreement. Document Notes : Plan deposits will be refunded in full upon the return of the Bid Documents, in good condition, within thirty (30) days after the bid opening. The deposits of General Contractors, who do not submit a bonafide bid or do not return the Bid Documents within thirty (30) days after the bid opening, will not be refunded. Once awarded the contract, the Contractor will furnish a satisfactory performance bond, execute the contract and proceed with the work. The Contractor shall indicate the amount of the performance bond on the bid form. The Owner reserves the right to reject any or all bids, to waive any irregularities in the bidding, or to accept the bids that in their judgment will be for their best interest.