R33-111-201. Bid Security Requirements for Projects

(1) Invitations for bids and requests for proposals for construction contracts estimated to exceed $50,000 shall require the submission of bid bond in an amount equal to at least 5% of the bid, when the bid is submitted. (2) Invitations for Bids and Requests for Proposals for other procurements may require the submission of a bid security, including specifications for the form and type of bid security, when the procurement official determines it is in the best interest of the procurement unit. (3) If a person fails to include the required bid security, the bid shall be deemed nonresponsive and ineligible for consideration of award except as provided by Section R33-106-108, R33-106-109, or R33-111-202. (4) The procurement official may require an acceptable bid security on projects that are for amounts less than the standard amount set forth in Subsection R33-111-201(1).