(a) Requirement for bid or proposal security.--Bidders or offerors may be required to provide bid or proposal security for construction contracts. 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.
(b) Amount of bid or proposal security.--Bid or proposal security shall be at least in the minimum amount or percentage of the amount of the bid or proposal as shall be specified in the advertisement, the invitation for bids or the request for proposals.
(c) Rejection of bids or proposals.--When the invitation for bids or the request for proposals requires security, noncompliance with the instructions in the invitation for bids or the 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.
(d) Withdrawal of bids and proposals.--After the bids or proposals are opened, they shall be irrevocable for the period specified in the invitation or requests for proposals for bids 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 the bid or proposal security.
(Dec. 3, 2002, P.L.1147, No.142, eff. imd.)
2002 Amendment. Act 142 amended subsecs. (a), (b) and (d).
Cross References. Section 902 is referred to in section 533 of this title.
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