Town Resaca Watershed Project. Each bid shall be accompanied by a certified or cashier's check payable to the order of the Brownsville public utilities board, city of Brownsville, Texas for a sum not less than five (5%) Percent of the total amount bid. In lieu of a check, a bid bond with a corporate surety licensed To do business in the state of texas, may be submitted in an amount not less than five (5%) percent Of the total amount bid conditioned that the bidder will pay the bpub, as mutually agreed to liquidated damages, and not as a penalty, the amount specified in the Bond, unless he enters into a BPUB contract in accordance with his bid. Bidder is required to execute a contract and furnish a Performance Bond, Payment Bond and a Certificate of Insurance. Scope. The standard general conditions of the construction contract prepared by the National society of professional engineers (nspe-1910-8, 1983 edition) as periodically amended And adapted by the owner to meet local requirements, shall form a part of this contract, together With the following supplementary general conditions. A copy of the locally amended standard General conditions (based upon nspe-1910-8) is bound herewith. The following supplements Modify, change, delete, or add to the general conditions. Where any part of the general Conditions is modified or voided by any supplementary general conditions, the unaltered Provisions of that part shall remain in effect. Liquidated damages. Owner and contractor recognize that the time Of performance is of the essence in this agreement and that owner will suffer Financial loss if the work is not substantially complete within the time specified in article 3.1 Above, plus any extensions thereof allowed in accordance with article 12 of the general Conditions. Both Parties hereto also recognize the delays, expense and difficulties involved in proving in a legal proceeding the actual loss suffered by Owner if the Work is not Substantially Complete on time. Accordingly, instead of requiring such proof, Owner and Contractor agree that as liquidated damages for the delay (but not as a penalty) Contractor shall pay Complete on time. Owner Five Hundred Dollars And No Cents ($500.00) for each Calendar Day that expires after the time specified in Article 3.1 for Substantial Completion, until the Work is Substantially Complete. The BPUB specifically reserves the right to reject any or all bids, to waive irregularities or informalities in any or all bids and to accept any bid which is deemed to be in the best interest of the Board or to reject the bids.