Colorado § 24-105-201 - Bid security.
Full text of Colorado Colorado Revised Statutes § 24-105-201 — Bid security., with citation guidance and answers to common questions.
§ 24-105-201. Bid security.
(1) Bid security shall be required for all invitations for bids for construction contracts when the price is estimated by the procurement agent to exceed fifty thousand dollars. Bid security shall be a bond provided by a surety company authorized to do business in this state, the equivalent in cash, or otherwise supplied in a form satisfactory to the state. Nothing in this subsection (1) prevents the requirement of such bonds on construction contracts under fifty thousand dollars.
(2) Bid security shall be in an amount equal to at least five percent of the amount of the bid.
(3) When the invitation for bids requires security, noncompliance requires that the bid be rejected as nonresponsive.
(4) After the bids are opened, they shall be irrevocable for the period specified in the invitation for bids, except as provided in section 24-103-202 (6). If a bidder is permitted to withdraw his bid before award, no action shall be had against the bidder or the bid security.
Source: L. 81: Entire article added, p. 1273, § 1, effective January 1, 1982. L. 2017: (1) amended, (HB 17-1051), ch. 99, p. 329, § 34, effective August 9.
ANNOTATION
Law reviews. For article, "The Potential and Perils of Colorado Public Construction Contracting", see 16 Colo. Law. 2131 (1987).
Frequently Asked Questions About Colorado § 24-105-201
What does Colorado Revised Statutes § 24-105-201 cover?
Section 24-105-201 ("Bid security.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 24-105-201?
A common citation format is "Colorado Revised Statutes § 24-105-201" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 24-105-201 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.