Bids may be withdrawn prior to the time set for receipt of bids. Bids may not be withdrawn after that time, except as noted herein, without penalty. (For capital projects, see the Board of Regents Policy Manual 2.3.) Only in the event of an obvious and documented error where it would be a manifest injustice to require the vendor to perform, can a vendor withdraw a bid after the time set for receipt of bids. Such withdrawal of bids can be done only upon the recommendation of the institution under procedures approved by the executive director (BRPM 2.2.6v).