Pennsylvania § 533 - Security and performance bonds.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 533 — Security and performance bonds., with citation guidance and answers to common questions.
§ 533. Security and performance bonds.
(a) Contract for supplies or services.--
(1) In the case of competitive sealed bidding or competitive sealed proposals for a contract for supplies or services, bidders or offerors may be required by the contracting officer to provide bid or proposal security. Bid or proposal security shall be in the form of a certified or bank check or a bond provided by a surety company authorized to do business in this Commonwealth or another form of security as specified in the invitation for bids or request for proposals. Bid or proposal security shall be at least in the minimum amount or percentage of the amount of the bid as shall be specified in the advertisement, invitation for bids or request for proposals.
(2) When the invitation for bids or the request for proposals requires security, noncompliance by the bidder or offeror with the instructions in the invitation for bids or request for proposals requires that the bid or proposal be rejected unless it is determined that the bid or proposal fails to comply with the security requirements in a nonsubstantial manner.
(3) After the bids or proposals are opened, they shall be irrevocable for the period specified in the invitation for bids or the request for proposals except as provided in section 512(f) (relating to competitive sealed bidding). If a bidder or offeror is permitted to withdraw its bid or proposal before award, no action shall be had against the bidder or offeror or against the bid or proposal security.
(4) A contractor may be required by the contracting officer to provide a performance bond executed by a surety company authorized to do business in this Commonwealth. In lieu of a bond, a contractor may provide other security as permitted by the head of the purchasing agency. The performance bond or other required security shall be in an amount determined by the head of the purchasing agency, and it shall be conditioned upon the faithful performance of the contract.
(b) Contract for construction.--Bid security and performance bonds as required for contracts for construction are provided for in sections 902 (relating to bid or proposal security) and 903 (relating to contract performance security and payment bonds).
(Dec. 3, 2002, P.L.1147, No.142, eff. imd.)
2002 Amendment. Act 142 amended subsec. (a)(3).
Cross References. Section 533 is referred to in section 3753 of this title.
Frequently Asked Questions About Pennsylvania § 533
What does Pennsylvania Consolidated Statutes § 533 cover?
Section 533 ("Security and performance bonds.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 533?
A common citation format is "Pennsylvania Consolidated Statutes § 533" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 533 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.