§ 41.105  BID SECURITY.
   (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)