§ 2-1269. Bid security for construction contracts.

(a)

Required. Under this article, bid security shall be required for all competitive sealed bidding for construction contracts when the price is estimated by the chief procurement officer to exceed $20,000.00. Bid security shall be a bond provided by a surety company authorized to do business in the state by the Georgia Insurance Commissioner or shall be the equivalent in cash or a certified check or shall be otherwise supplied in a form satisfactory to the city. Nothing in this subsection prevents the requirement of such bonds on construction contracts under $20,000.00 when the circumstances warrant.

(b)

Amount. Bid security shall be in an amount equal to at least five percent of the amount of the bid. Unsuccessful offerors shall be entitled to the return of the bid security. Upon failure of a successful offeror to enter into a contract within ten days after the city tenders the proposed contract, the offeror shall forfeit the bid security.

(c)

Rejection of bids for noncompliance. When the invitation for bids requires security, the bid shall be rejected if the chief procurement officer determines that it fails to comply in a substantial manner with the security requirements.

(d)

Withdrawal of bids. After the bids are opened, they shall be irrevocable for the period specified in the invitation for bids, except as provided in subsection 2-1188(i). If an offeror is permitted to withdraw a bid before award, no action shall be had against the offeror or bid security.

(Ord. No. 2009-78(09-O-1876), § 6, 12-15-09)