Each bid must be accompanied by a Bid Security in the form of a Cashiers Check or a Bidders Bond, executed by the bidder and a surety company in the sum of not less than five percent (5%) of the total amount of the bid including all additive alternates, as a guarantee that, if the bid is accepted, the required contract will be executed and the required performance and payment bonds furnished. Bid Bond shall be executed on AIA Document A310. Said bond will be returned to the unsuccessful bidders as soon as the contract has been awarded and the successful bidder has executed the contract and furnished the necessary bonds and the contract has been executed by the Owner. Such bond shall be from a surety Company authorized to transact business in the State of Tennessee and Company shall be registered in Federal Register, Department of the Treasury, Fiscal Service, Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies; Notice. Attorneys in Fact who sign any bonds must file with each instrument a certified and effective dated copy of their power of attorney. The successful bidder will be required to execute a performance bond in an amount equal to one hundred percent (100%) of the Contract Sum and a payment bond covering and including labor and materials in an amount equal to one hundred percent (100%) of the Contract Sum. Performance and Labor and Material Payment Bond shall be on AIA Form A312. No bidder will be permitted to withdraw his bid within sixty (60) days after the date of opening of bids. The Owner reserves the right to reject any or all bids and to waive any informalities therein.Upon receipt of Notice to Proceed, the Contractor will complete the work regularly, diligently, and uninterruptedly at such rate of progress as will ensure full completion thereof within the time specified on the Bid Form. The Owner reserves the right to waive any information in or to reject any or all bids and to accept the bid deemed favorable to the interest of the Owner.