Each bid must be accompanied by a separate envelope containing the contractor's license and bid security. The bid security must be in a sum equal to 5% of the full amount of the bid and must be in the form of a bidder's bond. A bidder's bond must be executed by the bidder as principal and by a surety, conditioned that if the principal's bid is accepted and the contract awarded to the principal, the principal, within ten days after notice of the award, shall execute a contract in accordance with the terms of the bid and the bid bond and any condition of the School Board. A countersignature of a bid bond is not required under this section. If a successful bidder does not execute a contract within the ten days allowed, the bidder's bond must be forfeited to the School Board and the project awarded to the next lowest responsible bidder. The bidder must be licensed for the full amount of the bid as required by NDCC 43-07-12. No bid may be read or considered if the bid does not fully comply with the requirements of this advertisement, and any deficient bid submitted must be resealed and returned to the bidder immediately. The School Board reserves the right to reject any and all bids and rebid the project until a satisfactory bid is received. The School Board further reserves the right to waive any informalities or irregularities in a bid received, and to accept that bid which appears to be in the best interests of the School District. The School District shall incur no legal liability or obligation until a contract is awarded and approved by the appropriate authorities. Middle School Roof specifications Remove existing gravel ballast and rubber membrane down to existing insulation Replace wet or damaged insulation. Furnish and install 1 layer of high-density recovery board Furnish and install a 60-mil fully adhered EPDM rubber roof system Furnish and install new rubber flashing at all curbs, walls & pipe penetrations New prefinished metal fascia system General clean-up upon completion Area 3, Area 5, Area 6