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« r Page: 24 ~ In submitting this Bid, it is understood and agreed by bidder that the right is reserved by Recipient to reject any and all bids, or part of any bid, and it is agreed that the Bid may not be withdrawn for a period of ninety (90) days subsequent to the opening of bids, without the written consent of Recipient. It is also understood and agreed that if the undersigned bidder should withdraw any part or all of his bid within ninety (90) days after the bid opening without the written consent of Recipient, shall refuse or be unable to enter into this Contract, as provided above, or refuse or be unable to furnish adequate and acceptable Performance Bonds and Labor and Material Payments Bonds, as provided above, or refuse or be unable to furnish adequate and acceptable insurance, as provided above, he shall forfeit his bid security to the extent of Recipient's damages occasioned by such withdrawal, or refusal, or inability to enter into an agreement, or provide adequate security therefor. It is further understood and agreed that to the extent the defaulting bidder's Bid Bond, Certified Check, Cashier's Check, Treasurer's Check, and/or Official Bank Check (excluding any income generated thereby which has been retained by Recipient) shall prove inadequate to fully recompense Recipient for the damages occasioned by default, then the undersigned bidder agrees to indemnify Recipient and pay over to Recipient the difference between the bid security and Recipient's total damages, so as to make Recipient whole. The undersigned understands that any material alteration of any of the above or any of the material contained on this form, other than that requested, will render the bid unresponsive. Performance and Payment Bonding Requirements (Construction Contracts) The Contractor shall be required to obtain performance and payment bonds as follows: (a) Performance bonds 1. T'he penal amount of performance bonds shall be 100 percent of the original contract price, unless the Recipient determines that a lesser amount would be adequate for the protection of the Recipient. 2. The Recipient may require additional performance bond protection when a contract pnce is increased. The increase in protection shall generally equal 100 percent of the increase in contract price. The Recipient may secure additional protection by directing the Contractor to increase the penal amount of the existing bond or to obtain an additional bond. (b) Payment bonds 1. The penal amount of the payment bonds shall equa] 100 percent of the contract price, unless the Recipient determines that a lesser amount would be adequate for the protection of the Recipient. 2. The Recipient may require additional payment bond protection when a contract price is increased. The increase in protection shall generally equal 100 percent of the increase in contract price. The Recipient may secure additional protection by directing the Contractor to increase the penal amount of the existing bond or to obtain an additional bond.