Section 27-2701. BID BONDS AND OTHER SECURITY

 

2701.1The contracting officer may require bid security in connection with any solicitation, regardless whether any payment or performance security will be required under the contract.

 

2701.2When the District independent price estimate for a construction contract exceeds one hundred thousand dollars ($100,000), the contracting officer shall require a bid security for the invitation for bids or request for proposals.

 

2701.3When the District's independent price estimate for a construction project is less than one hundred thousand dollars ($100,000), the contracting officer may require a bid security.

 

2701.4The bid security for a construction contract shall be in an amount equal to at least five percent (5%) of the amount of the bid or price proposal. The bid security for non-construction contracts shall be in an amount set by the contracting officer.

 

2701.5When a bid security is requiring the solicitation shall contain the following:

 

(a)A statement that bid security is required;

 

(b)Notice that the bid security will remain in effect for as long as the bid or proposal is required to remain effective; and

 

(c)Sufficient information to allow bidders or offerors to determine the amount of the required bid security.

 

2701.6No action shall be taken against the bid security of a bidder or offeror that is permitted to withdraw a bid or proposal prior to award due to a mistake in the bid or proposal, in accordance with the applicable provisions of chapters 15 or 16.

 

source

Final Rulemaking published at 35 DCR 1597 (February 26, 1988).