Work under these contracts shall include furnishing all labor, equipment and materials required to complete the Rehabilitation Project as described below. Project Descriptions The Road Rehabilitation Project for includes the rehabilitation of Scudder Court, Chadwell Court and Rockwell Green Drive from King George Road to the cul-de-sacs on Scudder Court and Chadwell Court. Rehabilitation will consist of mill and overlay of the road surface, removal and reconstruction of concrete curb as needed, reconstruction of driveway aprons, concrete sidewalk as needed, removal of designated trees, replacement of inlet castings and replacement of traffic striping. All bids must be accompanied by bid security. The bid security shall be in the form of a certified check, cashier s check, or bid bond executed by a principal of bidder and surety company attorney in fact and witnessed and attested to with the power of attorney attached, in the amount of 10% of the amount of the bid but not to exceed $20,000.00 . In addition to the certified check, cashier's check or bid bond as bid security, each bid must be accompanied by a Consent of Surety of a surety company licensed to do business in the State of New Jersey and acceptable to the Borough of Pennington that in event of an award of a Contract to the bidder, said surety will furnish the required bonds in the sum of the full amount of the bid. The successful Bidder must furnish a 100% Performance Bond and 100% Labor and Material Payment Bond in conformance with the requirements of the Contract Documents on the included forms The successful bidder will be required, upon final payment, to furnish a General Back Maintenance Bond, which shall be acceptable to the Borough of Pennington, in conformity with the requirements of the Contract Documents. Should the successful Bidder to which this Contract is awarded fail to comply with the above provisions as to the submission of the required bonds, fully executed, or to execute the Contract within the time required herein, the Owners may, at their sole discretion, declare the successful Bidder in default, and shall be entitled to retain the bid security The Borough of Pennington reserves the right to reject any or all bids or to waive any informalities or immaterial differences should the Borough of Pennington deem it to be in the public interest to do so