§ 29-332. Bid security.

(a)

Requirements. Bid security shall be required for all competitive sealed bidding for construction contracts when the price is estimated by the purchasing director or the procurement officer to exceed an amount established by regulations of the unified government administrator. Bid security shall be a bond provided by a surety company authorized to do business in the state, or the equivalent in cash, or otherwise supplied in a form satisfactory to the unified government. Nothing herein prevents the requirement of such bonds on construction contracts under the amount set by the unified government administrator when the circumstances warrant.

(b)

Amount. Bid security shall be in an amount equal to at least five percent of the amount of the bid.

(c)

Rejection of bids for noncompliance with requirements. When the invitation for bids requires security, noncompliance requires that the bid be rejected unless, pursuant to unified government administrator regulations, it is determined that the bid fails to comply in a nonsubstantial manner with the security requirements.

(d)

Withdrawal of bids. After the bids are opened, they shall be irrevocable for the period specified in the invitation for bids, except as provided in section 29-153(f). If a bidder is permitted to withdraw its bid before award, no action shall be had against the bidder or the bid security.

(Ord. No. 64497, § 1(5-201), 6-27-1983)