(A) The Fiscal Court shall require a bid bond for construction contracts that exceed $25,000 and may require a bid bond, at its discretion, in the form of a surety bond, certified check, letter of credit or other guarantee, suitable to the Fiscal Court, from vendors accepting liability and guarantees that the bidder will not withdraw the bid, all of which shall be specified in the invitation for bid or proposal.
(B) Bid bonds shall be in an amount equal to at least 5% of the amount of the bid.
(C) Bid bonds from unsuccessful bidders will be returned promptly upon awarding a bid to others.
(D) Successful bidders will have their bid bonds returned upon award and acceptance of the contract.
(Ord. 120.9, passed 8-24-99; Am. Ord. 121.42, passed 10-27-20)