Utah Admin. Code R33-111-201 - Bid Security Requirements for Projects
(1) Invitations for bids and requests for
proposals for construction contracts estimated to exceed $50,000 shall require
the submission of bid bond in an amount equal to at least 5% of the bid, when
the bid is submitted.
(2)
Invitations for Bids and Requests for Proposals for other procurements may
require the submission of a bid security, including specifications for the form
and type of bid security, when the procurement official determines it is in the
best interest of the procurement unit.
(3) If a person fails to include the required
bid security, the bid shall be deemed nonresponsive and ineligible for
consideration of award except as provided by Section
R33-106-108, R33-106-109, or
R33-111-202.
(4) The procurement official may require an
acceptable bid security on projects that are for amounts less than the standard
amount set forth in Subsection
R33-111-201(1).
Notes
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