HARRY HUGHES, Governor

3357

(c)  If the invitation for bids or request for proposals
require that a bid bond be provided, a bidder or offeror that
does not comply shall be rejected.

(d)  Once opened, bids or price proposals are irrevocable
for the period specified in the invitation for bids or the
request for proposal except as provided in § 3-202(h) of this
article. However, if a bidder or offeror is permitted to
withdraw his bid or proposal before award because of a mistake in
the bid or proposal, no action shall be taken against his bid
bond. ]

11-121. BONDS.

(A)  WITH REGARD TO A CONTRACT FOR CONSTRUCTION, SUPPLIES,
SERVICES, OR CONSTRUCTION RELATED SERVICES, UNLESS A BOND OR
OTHER SECURITY IS REQUIRED BY FEDERAL LAW OR REGULATION OR AS A
CONDITION OF FEDERAL ASSISTANCE, A PROCUREMENT OFFICER MAY NOT
REQUIRE:

(1)  A BID BOND OR OTHER SECURITY WITH A BID OR OFFER
FOR A CONTRACT IF THE CONTRACT PRICE IS EXPECTED TO BE $50,000 OR
LESS; OR

(2)  A PERFORMANCE OR PAYMENT BOND OR OTHER SECURITY
IF THE CONTRACT PRICE IS $50,000 OR LESS.

(B)  (1) EXCEPT AS PROVIDED IN SUBSECTION (A) OF THIS
SECTION, THE PROCUREMENT OFFICER SHALL REQUIRE A BIDDER OR
OFFEROR TO PROVIDE BID SECURITY ON A CONTRACT FOR CONSTRUCTION,
IF THE CONTRACT IS EXPECTED TO EXCEED $50,000. EXCEPT AS
PROVIDED IN SUBSECTION (A), THE PROCUREMENT OFFICER MAY REQUIRE A
BIDDER OR OFFEROR TO PROVIDE BID SECURITY ON A CONTRACT FOR
SUPPLIES, SERVICES, OR CONSTRUCTION RELATED SERVICES, IF THE
CONTRACT IS EXPECTED TO EXCEED $50,000. THE BID SECURITY SHALL
CONSIST OF:

(I)  A BOND PROVIDED BY A SURETY COMPANY
AUTHORIZED TO DO BUSINESS IN THIS STATE;

(II)  CASH; OR

(III)  ANOTHER FORM OF SECURITY PERMITTED BY
REGULATION.

(2) AS TO A CONTRACT FOR CONSTRUCTION, THE AMOUNT OF
THE BID SECURITY SHALL BE:

(I)  AT LEAST 5 PERCENT OF THE BID OR PRICE
PROPOSAL; OR

(II)  IF THE BID OR PRICE PROPOSAL STATES A RATE
BUT NOT A TOTAL PRICE, AN AMOUNT DETERMINED BY THE PROCUREMENT
OFFICER.