Montana § 18-2-302 Bid Security -- Waiver -- Authority To Submit

Montana Statutes

§ 18-2-302 — Bid Security -- Waiver -- Authority To Submit

Montana § 18-2-302

Title 18PUBLIC CONTRACTS

Ch. 2CONSTRUCTION CONTRACTS

Part 3Contract Requirements and Restrictions

This text of Montana § 18-2-302 (Bid Security -- Waiver -- Authority To Submit) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 18-2-302 (2026).

Text

18-2-302 . Bid security -- waiver -- authority to submit.

(1)(a) Except as provided in subsection (2), each bid must be accompanied by bid security in the amount of 10% of the bid. The security may consist of cash, a cashier's check, a certified check, a bank money order, a certificate of deposit, a money market certificate, an irrevocable letter of credit, or a bank draft. The security must be:

(i)drawn and issued by a federally chartered or state-chartered bank or savings and loan association that is insured by or for which insurance is administered by the federal deposit insurance corporation;

(ii)drawn and issued by a credit union insured by the national credit union share insurance fund; or

(iii)a bid bond or bonds executed by a surety company authorized to do business in the stat

Free access — add to your briefcase to read the full text and ask questions with AI

18-2-302 . Bid security -- waiver -- authority to submit. (1) (a) Except as provided in subsection (2), each bid must be accompanied by bid security in the amount of 10% of the bid. The security may consist of cash, a cashier's check, a certified check, a bank money order, a certificate of deposit, a money market certificate, an irrevocable letter of credit, or a bank draft. The security must be:
(i) drawn and issued by a federally chartered or state-chartered bank or savings and loan association that is insured by or for which insurance is administered by the federal deposit insurance corporation;
(ii) drawn and issued by a credit union insured by the national credit union share insurance fund; or
(iii) a bid bond or bonds executed by a surety company authorized to do business in the state of Montana. The state or other governmental entity may accept electronic bid bonds signed electronically or otherwise verified by the bidder and the surety.
(b) The state or other governmental entity may not require that a bid bond or bond provided for in subsection (1)(a)(iii) be furnished by a particular surety company or by a particular insurance producer for a surety company.
(2) The state or other governmental entity may waive the requirements for bid security on building or construction projects, as defined in 18-2-101 , that cost less than $150,000.
(3) The bid security must be signed by an individual authorized to submit the security by the corporation or other business entity on whose behalf the security is submitted. If the request for bid or other specifications provided by the state or other governmental entity specify the form or content of the bid security, the security submitted must comply with the requirements of that specification.

Legislative History

En. Sec. 3, Ch. 149, L. 1927; re-en. Sec. 259.3, R.C.M. 1935; amd. Sec. 2, Ch. 193, L. 1977; amd. Sec. 1, Ch. 487, L. 1977; R.C.M. 1947, 82-1133; amd. Sec. 3, Ch. 250, L. 1987; amd. Sec. 9, Ch. 130, L. 1995; amd. Sec. 6, Ch. 249, L. 1997; amd. Sec. 1, Ch. 282, L. 1999; amd. Sec. 3, Ch. 203, L. 2003; amd. Sec. 7, Ch. 96, L. 2023; amd. Sec. 1, Ch. 165, L. 2025.