The project is generally described as a septic treatment system sized at 750 gallons per day which includes septic tanks, pump stations, advanced septic treatment system, force main, remote drain field, demolition of the existing septic treatment system, and associated electrical power and control system. Any bid (including the Total Base Bid plus all Additive Bid Items) which exceeds five hundred thousand dollars ($500,000) shall be accompanied by a Commonwealth of Virginia Standard Bid Bond, Form CO-10.2, payable to the Owner as obligee in an amount equal to five percent (5%) of the amount of the bid (the "Bid Bond"). The Owner agrees to accept a Bid Bond on which the Surety has utilized electronic signatures and/or electronic notarization if the electronic notarization meets the requirements of Virginia Code 47.1-6.1, -7, and -12, and the Commonwealth of Virginia State Corporation Commission Bureau of Insurance and the Bid Bond contains any SURETY BOND SEAL ADDENDUM established by the Commonwealth of Virginia State Corporation Commission Bureau of Insurance. For construction contracts up to $500,000, where bid bond requirements have been waived by Owner as stated in the IFB, prospective Contractors may be prequalified in accordance with Code of Virginia 2.2-4317.A Bid Bond may be required for Contracts having bids of up to five hundred thousand dollars ($500,000) if such requirement is stated in the IFB. The Bid Bond must be issued by a surety company which is legally authorized by the Virginia State Corporation Commission to do surety business in the Commonwealth of Virginia. Such Bid Bond shall guarantee the following: that the bidder will not withdraw its bid during the thirty (30) day period following the date of the opening of bids; that if the bid is accepted, the bidder will enter into the Contract with the Owner described in the IFB; that the bidder can and will submit a properly executed and authorized Standard Performance Bond and Standard Labor and Material Payment Bond on the forms included in the IFB. If the bidder withdraws its bid within the thirty (day) period following bid opening, fails to enter into the Contract, or fails to provide the required Standard Performance Bond and Standard Labor and Material Payment Bond within ten (10) days after the bidder's receipt of notice of acceptance of its bid, the bidder and the bidder's surety shall be jointly and severally be liable to the Owner for the difference between the amount specified in the bidder's bid and such larger amount for which the Owner may contract with another party to perform the work covered by said bid, up to the amount of the bid guarantee of 5% of the bidder's total bid amount, as the damage to the Owner resulting from the bidder's default. See Code of Virginia 2.2-4336. Ifyou have any questions, please contact me at 804-501-4530.