Proposals submitted in hard copy shall be submitted in duplicate only upon the blank proposal forms provided with the specifications and must be accompanied by Proposal Security in the form of Certified Check or acceptable Bid Bond in the amount equal to at least five percent (5%) of the Base Bid. Proposals submitted electronically shall be completed upon the blank proposal form provided with the specifications, and uploaded in .PDF format as directed by the Electronic Bidding System. Proposal Security shall also be uploaded in .PDF format to accompany bids submitted electronically. If an electronic bid is submitted, an original hard copy of all Proposal Documents, including Proposal Security, shall be provided to the Architect within three (3) business days after bid receipt, if requested. In either case, such security to be forfeited as liquidated damages, not penalty, by any bidder who fails to carry out the terms of the proposal, execute contract and post Performance Bond in the form and amount within the time specified. The Bid Bond, if used, shall be payable to the Owner. Bids on the Project must be received on or before the period scheduled for the Project and no bid withdrawn after the scheduled closing time for the Project for a period of sixty (60) days. All bids submitted in excess of $50,000.00 by a Prime or Subcontractor to do any erection, building, construction, repair, maintenance, or related work must comply with the Mississippi Contractors Act of 1985, by securing a Certificate of Responsibility from the State Board of Contractors. Each bid, exceeding $5,000.00, must be accompanied by the Bidder's certified check or a bid bond, duly executed by the Bidder as principal and having surety thereon, a surety company approved by the Owner and signed by an agent, regularly commissioned and licensed to transact business in Mississippi, in the amount of five percent of the bid. All bid bonds must be accompanied by the appropriate Power of Attorney. No Power of Attorney is necessary with a certified check. The Owner reserves the right to reject any and all bids on any or all projects and to waive informalities.