The department shall only require guaranty with each bid for a construction contract
in excess of $150,000 in an amount to be specified by the department which shall not
exceed 10 percent of the preliminary estimate of the cost of the work. The guaranty may, in the discretion of the bidder, be in the form of a cashier's
check, bank money order, bank draft of any national or state bank, certified check,
or surety bond, payable to the department. The surety on any bid bond shall be a company recognized to execute bid bonds for
contracts of the Federal Government.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.