- In lieu of the bid bond provided for in Code Section 36-91-50, the governmental entity may accept a cashier’s check, certified check, or cash in the amount of not less than 5 percent of the total amount payable by the terms of the contract payable to and for the protection of the governmental entity for which the contract is to be awarded.
- When the amount of any bid bond required under this article does not exceed $750,000.00, the governmental entity may, in its sole discretion, accept an irrevocable letter of credit issued by a bank or savings and loan association, as defined in Code Section 7-1-4, in the amount of and in lieu of the bond otherwise required under Code Section 36-91-50.
History. Code 1981, § 36-91-42 , enacted by Ga. L. 2000, p. 498, § 1; Code 1981, § 36-91-51 , as redesignated by Ga. L. 2001, p. 820, § 12; Ga. L. 2007, p. 209, § 1/HB 134.
Editor’s notes.
Ga. L. 2001, p. 820, § 12, effective July 1, 2001, redesignated former Code Section 36-91-51 as present Code Section 36-91-71.