027-3 Wyo. Code R. §§ 3-18 - Bid security

(a) Bid security shall be:

(i) Provided by a bidder in an amount equal to ten percent (10%) of the contract value for a project valued over one hundred fifty thousand dollars ($150,000) per W. S.9-2-3004(c)(iv)(A), or set at an amount determined at the discretion of the procuring agency as defined in Department policy for a project valued under one hundred fifty thousand dollars ($150,000) per W.S. 9-2-3004(c)(iv); and

(ii) Overseen and managed by the Department.

(b) Acceptable forms of bid security shall be limited to:

(i) A bid bond underwritten by a surety company licensed to issue bid bonds in the state of Wyoming; or

(ii) A bid deposit in the form of:

(A) A bank cashier's check made payable to the Treasurer of the State of Wyoming; or

(B) A bank certified check made payable to the Treasurer of the State of Wyoming.

(c) The Department shall hold bid securities until such time as a contract is awarded. Deposit of bid securities shall not be considered an award or guarantee of award.

(d) If the bidder's bid security is deficient in any way or if the bidder fails to submit a required form of bid security, the Department may request that the bidder who is not in compliance submit the required bid security by 5:00 p.m. of the next business day after such notice is provided by the Department. Failure to cure the deficiency or failure to submit the required form of bid security by that deadline shall make the bidder ineligible for consideration of award of the contract.

Notes

027-3 Wyo. Code R. §§ 3-18

Adopted, Eff. 4/13/2021.