- Alaska Statutes.
- Title 36. Public Contracts
- Chapter 30. State Procurement Code
- Section 120. Bid Security.
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. Public Notice of Invitation to Bid.
AS 36.30.120. Bid Security.
- (a) Bid security shall be required for all competitive sealed bidding for construction contracts when the price is
estimated by the procurement officer to exceed an amount established by regulation of the commissioner. Bid security on
construction contracts under the amount set by the commissioner may be required when the circumstances warrant. Bid
security may be required for competitive sealed bidding for contracts for supplies, services, or professional services
in accordance with regulations of the commissioner when needed for the protection of the state.
- (b) Bid security must be a bond provided by a surety company authorized to do business in the state or otherwise supplied
in a form satisfactory to the commissioner. Bid security must be in an amount equal to at least five percent of the
amount of the bid.
- (c) When the invitation to bid requires security, the procurement officer shall reject a bid that does not comply with the
bid security requirement unless, in accordance with regulations, the officer determines that the bid fails to comply in
a nonsubstantial manner with the security requirements.
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