Bid security shall be required of bidders or offerors for construction contracts when the price is estimated by the procurement officer to exceed twenty-five thousand dollars ($25,000). Bid security in an amount equal to at least five percent of the amount of the bid shall be a bond provided by a surety company authorized to do business in this state, or the equivalent in cash, or otherwise supplied in a form satisfactory to the state agency or a local public body.
History: Laws 1984, ch. 65, § 119; 2007, ch. 141, § 9.
The 2007 amendment, effective April 2, 2007, eliminates the provision that required bid security only for construction contracts procured by competitive sealed bid.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Works and Contracts § 59.
72 Supp. C.J.S. Public Contracts §§ 41 to 43.
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