The project generally includes bids for Glenwood High School roof project (replacement system) of approximately 45,130sf base bid and 27,680sf alternate bid and related work as shown on drawings. Project shall be substantially complete before August 2, 2024 or later as approved by Owner. No bidder shall modify, withdraw or cancel his bid or any part thereof for sixty days after the time designated for the receipt of bids. BID SECURITY Contractor shall include with his proposal, a bid security in the form of a certified check, bank draft, cashier's check or bid bond made payable to Board of Education, Ball Chatham C.U.S.D. No. 5, Chatham, Illinois, in the amount of ten (10%) of the base bid. REJECTION OF BIDS The Owner shall have the right to reject any or all bids and in particular to reject a bid not accompanied by any required bid security or data required by the Bidding Documents or a bid in any way incomplete or irregular. ACCEPTANCE OF BID (AWARD) The Owner shall have the right to waive any informality or irregularity in any Bid received. It is the intent of the Owner to award a contract to the single lowest qualified bidder, provided the Bid has been submitted in accordance with the requirements of the Bidding Documents, is judged to be reasonable, and does not exceed the funds available. Should the Owner elect to proceed with the work, the Owner will notify the apparent low bidder of his intent to enter into a contract. The work shall begin upon issuance of "Notice to Proceed" and shall be completed prior to the completion date in the Owner-Contractor Agreement. The Owner will require successful bidder to furnish, prior to the execution of a Contract, Performance Bond and Payment Bond in form similar to Form A312 currently issued by The American Institute of Architects or in such form as the Owner prescribes and with such sureties as approved by the Owner. Bonds shall be in an amount equal to 100% of the Contract Sum and shall be in accordance with the Instructions to Bidders. The Contractor shall pay the premiums for these bonds.