(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.