68-1114. Deposit with bid.
68-1114
68-1114. Deposit with bid.Each bidder shall be required to deposit with suchbidder's proposal a goodand sufficient surety bond issued by a company authorized to do business inthis state, a certified check or a cashier's check in an amount of not lessthan 5% ofsuch bidproposal, in the discretion of the board, payable to the county treasurer.If the bidder to whom the contract is awarded shall fail to accept andexecute the contract and file a bond as provided in this act,the bidder'scheck shall be forfeited and paid to the county treasurer and the boardmay award the contract to the next lowest responsible bidder.
History: L. 1917, ch. 80, § 14; R.S. 1923, 68-1114; L. 1970, ch. 274, § 2;L. 1973, ch. 106, § 25; L. 1975, ch. 353, §2;L. 2004, ch. 40, § 4; July 1.