Contractor Walks Away from Water Plant Job

I had a very frustrating event late Thursday afternoon. The contractor who was supposed to build our new water plant said he could no longer keep his bid price, a cost adjustment was not alllowed and he walked off the job. Closing was set for 10 a.m. today (April 9). I won't say it puts us back to square one, but it is a definate setback.
The enginneer is already busy preparing new bid documents.