(A) Requirement for bid security. Bid security shall be required for all competitive sealed bidding for construction contracts when the price is estimated by the County Executive to exceed $25,000. Bid security shall be a bond provided by a surety company authorized to do business in the state, or the equivalent in cash, or otherwise supplied in a form satisfactory to the county. Nothing herein shall prevent the requirement of the bonds on construction contracts under $25,000.
(B) Amount of bid security. Bid security shall be in an amount equal to at least 10% of the amount of the bid.
(1980 Code, § 41.090) (Ord. 08-461, passed 11-20-2008)