§103D-323  Bid security.  (a)  Unlessthe policy board determines otherwise by rules, bid security shall be requiredonly for construction contracts to be awarded pursuant to sections 103D-302 and103D-303 and when the price of the contract is estimated by the procurementofficer to exceed $25,000 or, if the contract is for goods or services, thepurchasing agency secures the approval of the chief procurement officer.  Bidsecurity shall be a bond provided by a surety company authorized to do businessin the State, or the equivalent in cash, or otherwise supplied in a formspecified in rules.

(b)  Bid security shall be in an amount equalto at least five per cent of the amount of the bid.

(c)  Unless, pursuant to rules, it isdetermined that a failure to provide bid security is nonsubstantial, all bidsrequired to be accompanied by bid security shall be rejected when notaccompanied by the required bid security.

(d)  After the bids are opened, they shall beirrevocable for the period specified in the invitation for bids, except asprovided in section 103D-302(g).  If a bidder is permitted to withdraw its bidbefore award, no action shall be had against the bidder or the bid security. [LSp 1993, c 8, pt of §2; am L 1994, c 186, §11; am L 1997, c 352, §23]