Colorado § 24-105-201 Bid security

Colorado Statutes

§ 24-105-201 — Bid security

Colorado·Title 24 Government·Art. Construction Contracts

(1)Bid security shall be required for all invitations for bids for construction contracts when the price is estimated by the procurement agent to exceed fifty thousand dollars. Bid security shall be a bond provided by a surety company authorized to do business in this state, the equivalent in cash, or otherwise supplied in a form satisfactory to the state. Nothing in this subsection (1) prevents the requirement of such bonds on construction contracts under fifty thousand dollars.

(2)Bid security shall be in an amount equal to at least five percent of the amount of the bid.

(3)When the invitation for bids requires security, noncompliance requires that the bid be rejected as nonresponsive.

(4)After the bids are opened, they shall be irrevocable for the period specified in the

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(1) Bid security shall be required for all invitations
for bids for construction contracts when the price is estimated by the procurement
agent to exceed fifty thousand dollars. Bid security shall be a bond provided by a
surety company authorized to do business in this state, the equivalent in cash, or
otherwise supplied in a form satisfactory to the state. Nothing in this subsection (1)
prevents the requirement of such bonds on construction contracts under fifty
thousand dollars.

(2) Bid security shall be in an amount equal to at least five percent of the
amount of the bid.

(3) When the invitation for bids requires security, noncompliance requires
that the bid be rejected as nonresponsive.

(4) After the bids are opened, they shall be irrevocable for the period
specified in the invitation for bids, except as provided in section 24-103-202 (6). If a
bidder is permitted to withdraw his bid before award, no action shall be had against
the bidder or the bid security.

Colorado § 24-105-201 (Bid security) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 81: Entire article added, p. 1273, � 1, effective January 1, 1982. L. 2017: (1) amended, (HB 17-1051), ch. 99, p. 329, � 34, effective August 9.