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acceptable as a bid guarantee. Bid guarantees, other than bid bonds, will be returned la) to unsuccessful bidders as soon as practicable after the opening of bids, and (bl to the successful bidder upon execution of such further contractual documents and bonds (including any necessary coinsurance or reinsurance agreements) as may be required by the bid as accepted. Failure to furnish a bid guarantee in the proper form and amount by the time set for opening of bids may be cause for rejection of the bid. If the successful bidder, upon acceptance of his bid by the OWNER, fails to execute such further contractual documents, and give such bond(s) (including any necessary coinsurance or reinsurance agreements) as may be required within ten (10) days after receipt of the Notice of Award, the contract may be terminated for default. In such event the CONTRACTOR shall be liable for any cost of procuring the work which exceeds the amount of his bid, and the bid guarantee shall be available toward offsetting such difference. List of Equipment Offered. The List of Equipment Offered form must be returned with each bid. All equipment to be used on the project must be listed. The CONTRACTOR must own, have a current lease for the equipment intended to be used to perform the work, or must furnish a statement of arrangements to rent, or otherwise procure, adequate equipment to perform the work. Inclusion of a piece of equipment on the List of Equipment Offered represents a commitment to devote that piece of equipment to the project work for the entire duration of the project. If several contractors propose to join together to perform the work under this purchase order contract, equipment owned or controlled by each should be listed and the owner identified. A purchase order contract will not be awarded to a bidder who in the opinion of the OWNER (a) does not have adequate equipment, or (bl does not have firm and satisfactory arrangements to obtain adequate equipment to perform the work described in the Invitation and Bid. BID AWARD Award will be made with reasonable promptness, by written notice to the low responsive and responsible bidder whose bid meets the requirements and criteria set forth in the Invitation for bid. These criteria will include, but not be limited to the lowest GRAND TOTAL PRICE, corrected if necessary for errors in price extension and/or addition, on the Bidder's equipment if a List of Equipment Offered is required with the bid, and capability to meet the performance time requirements. The GRAND TOTAL PRICE will be used for comparing bids only. PROJECT DATES The project is scheduled for construction between July 8 through August 2, 1996. TIME OF COMPLETION The time of completion allowed for the project is 28 calendar days after receipt of the Notice to Proceed. 3