Colorado Revised Statutes Title 24. Government State § 24-70-209. Letting of contract--bond

(1) At the hour specified for the opening of bids submitted for printing under classes one, two, or three, the executive director of the department of personnel, in the presence of such bidders as may choose to attend, shall open such bids and proceed to determine the lowest responsible bidder for each class, having full regard for the probable aggregate cost of all things to be furnished and work to be done under such contract in accordance with such bid. After the determination of same, the executive director of the department of personnel immediately shall notify such lowest responsible bidder of his or her appointment to execute the work, and such bidder, within ten days after receiving such notice, shall execute a bond to the state of Colorado in such sum as the executive director determines, conditioned for the faithful performance of his or her contract in all respects, with sureties to be approved by the executive director, and such bonds shall be deposited with and remain in the custody of the secretary of state.

(2) In case the lowest bidder fails to execute such bond or fails to enter into contract in accordance with the terms of his or her bid, he or she and the sureties on his or her bond tendered with his or her bid shall be liable for all costs which may accrue to the state by reason of such failure, to be recovered from him or her and the sureties on his or her bond, and any such failure shall be conclusive evidence of damages in at least the sum of one hundred dollars. In case of such failure, the executive director of the department of personnel shall immediately award the contract to the next lowest responsible bidder, and the same steps shall be taken successively until a proper contract has been executed. The executive director of the department of personnel, if he deems it for the best interest of the state, may reject any or all bids, or parts of bids, and in such case, as well as on the failure of any successful bidder to enter into contract in accordance with his or her bid or proposal, the executive director shall readvertise for such bids or parts of bids.