Joe Smith is the low bid for a project at $ 20,000. The owner has required bid bonds from all the bidders. The next lowest bid is $ 42,000. Joe realizes he has made a mistake in the estimate and withdraws his bid. Which of the following will happen?

Joe Smith is the low bid for a project at $ 20,000. The owner has required bid bonds from all the bidders. The next lowest bid is $ 42,000. Joe realizes he has made a mistake in the estimate and withdraws his bid. Which of the following will happen?