Guam § 5303 - Bid Security.
Full text of Guam Guam Code Annotated § 5303 — Bid Security., with citation guidance and answers to common questions.
§ 5303. Bid Security.
(a) Requirement for Bid Security. Bid security shall be required for all competitive sealed bidding for
construction contracts when the price is estimated by the Procurement Officer to exceed Twenty-Five
Thousand Dollars ($25,000). Bid security shall be a bond provided by a surety company authorized to do
business in Guam, or the equivalent in cash, or otherwise supplied in a form satisfactory to Guam. Nothing
herein prevents the requirement of such bonds on construction contracts under Twenty-Five Thousand
Dollars ($25,000) when the circumstances warrant.
(b) Amount of Bid Security. Bid security shall be in an amount equal to at least fifteen percent (15%)
of the amount of the bid.
(c) Rejection of Bids for Noncompliance with Bid Security Requirements. When the invitation for
bids requires security, noncompliance requires that the bid be rejected unless, pursuant to Policy Office
regulations, it is determined that the bid fails to comply in a non-substantial manner with the security
requirements.
(d) Withdrawal of Bids. After the bids are opened, they shall be irrevocable for the period specified in
the invitation for bids, except as provided in 5211(f) of this Chapter. If a bidder is permitted to withdraw
its bid before award, no action shall be had against the bidder or the bid security.
Frequently Asked Questions About Guam § 5303
What does Guam Code Annotated § 5303 cover?
Section 5303 ("Bid Security.") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 5303?
A common citation format is "Guam Code Annotated § 5303" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 5303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.