(a) Requirement for Bid Security. Bid security may be required for all competitive sealed bidding for construction contracts when the price is estimated by the Chief Procurement Officer to exceed a threshold amount. Bid security shall be a bond provided by a surety company authorized to do business in the state, or the equivalent in cash, or otherwise supplied in a form satisfactory to WSSC. Nothing herein prevents the requirement of such bonds on such contracts under the threshold amount.
(b) Amount of Security. Bid security shall be in an amount equal to at least a specified percentage of the amount of the bid, as specified by the Chief Procurement Officer.
(1) Rejection of Bids for Noncompliance with Bid Security Requirements. Failure to submit the required bid security shall result in the rejection of the bid.
(2) Withdrawal of Bids. After bids are opened, they shall be irrevocable for the period specified in the invitation for bids, except as provided in WSSC 6.15.310(l). If a bidder is permitted to withdraw its bid before award or is excluded from the competition before award, no action shall be taken against the bidder or the bid security. (Procurement regulations § 4-801.)