(1) Requirement for Bid Security. Bid security shall be required for all competitive sealed bidding for construction contracts when the price is estimated by the Procurement Director to exceed $25,000. Bid security shall be a legitimate bid bond provided by a surety company authorized to do business in South Carolina, or the equivalent in cash, or otherwise supplied in the form satisfactory to the County (surety bond, certified check, cashiers’ check or official money order). Nothing herein prevents the requirement of such bonds on construction contracts under $25,000 when the circumstances warrant.
(2) Amount of Bid Security. Bid security shall be in an amount equal to at least 5% of the amount of the bid and shall remain in place until completion of construction or posting of performance and payment bonds.
(3) Rejection of Bid for Noncompliance with Bid Security Requirements. When the Invitation for Bids requires security, noncompliance requires that the bid be rejected (except that a bidder who fails to provide bid security in the proper amount or a bid bond with the proper rating shall be given 1 working day from bid opening to cure such deficiencies. If the bidder cannot cure these deficiencies within 1 working day of bid opening, his bid shall be rejected).
(4) Withdrawal of Bids. After the bids are opened, they shall be irrevocable for the period specified in the Invitation for Bids. If a bidder is permitted to withdraw its bid before bid opening pursuant to § 7-305 (Competitive Sealed Bidding, Correction or Withdrawal of Bids, Cancellation of Awards), no action shall be had against the bidder on the bid security.
(Ord. 3704, passed 6-17-2003; Ord. 5051, passed 1-22-2019)