Any proposals received after the closing time will be returned unopened. The project includes construction of the mass grading. Proposals must be accompanied by a cashier's check or a bid bond from a surety company holding a permit in the State of Texas for an amount equal to 2% of the amount bid. The amount of said cashier's check or bond will be forfeited to the OWNER and the bank or surety shall be liable to the OWNER for the amount in event the successful bidder fails or refuses to enter into a contract or furnish bonds as hereafter required within ten (10) days after the date of notice of award The successful bidder must furnish a performance bond and a payment bond on the forms provided each in the amount of 100% of the Contract price from a surety company licensed by the State of Texas. A maintenance bond to cover 2 years at 100% of the final contract price is required for this project. A bidder submitting electronic bids must submit its bid and Bid Securities in compliance with Owner's Order Adopting Section 49.2731 By submitting a Bid, bidder acknowledges and agrees that the Contract Documents may be accepted, executed or agreed to through the use of an Electronic Signature, as defined by and in accordance with Owner's Electronic Signature Rules for Construction Contracts. The Owner reserves the right to reject any or all Bids and to waive all defects and irregularities in bidding or bidding process except the time for submitting a Bid. The successful bidder, if any, will be the responsible bidder, which in the Board's judgment will be most advantageous to the Owner and result in the best and most economical completion of the Project. The requirements of Subchapter J, Chapter 552, Government Code, may apply to this Bid and the bidder agrees that the Contract Documents can be terminated if the bidder knowingly or intentionally fails to comply with a requirement of that subchapter.