11-11-28. Bid must be accompanied by a bond - When certified or cashier's check allowed

11-11-28. Bid must be accompanied by a bond - When certified or cashier's check allowed. A bid shall be accompanied by a separate envelope containing a bidder's bond in a sum equal to five percent of the full amount of the bid, executed by the bidder as principal and by a surety company authorized to do business in this state as a guarantee that the bidder will enter into the contract if it is awarded to the bidder and that the bidder will furnish the necessary bond. When the bid is ten thousand dollars or less, the bidder may in lieu of such bond accompany the bid with a separate envelope containing a certified or cashier's check equal to five percent of the full amount of the bid made payable to the board with authority and direction to the board that if the bidder is successful in obtaining the award and fails to enter into the contract, the board may endorse, deposit, and receive the face amount of the certified or cashier's check as liquidated damages.