Colorado Revised Statutes Title 24. Government State § 24-70-208. Bid guarantee--opening bid

The executive director of the department of personnel, in the case of classes one, two, or three, shall consider only bids which are accompanied by a bid guarantee satisfactory to the executive director, in the sum of at least five percent of the established value of the contract, conditioned that the person making the bid, if the contract is awarded him or her, within ten days after notification that his or her bid has been accepted, will enter into such contract in accordance with his or her bid or proposal and in accordance with the provisions of this part 2 and all specifications submitted by the executive director of the department of personnel.