Official Code of Georgia Annotated

Title 13. CONTRACTS · Chapter 10. CONTRACTS FOR PUBLIC WORKS · Article 1. GENERAL PROVISIONS · Part 2. Bid Bonds

13-10-21. Alternatives to bid bond.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
In lieu of the bid bond provided for in Code Section 13-10-20, the state 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 state.#
(b)
When the amount of any bid bond required under this article does not exceed $300,000.00, the state 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 13-10-20.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 13-10-21, enacted by Ga. L. 2001, p. 820, § 1.

Ga. L. 2001, p. 820, § 1, effective July 1, 2001, redesignated former Code Section 13-10-21 as present Code Section 13-10-82.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t13-(v11)-2010-pdf.pdf, Volume V11, 2010 edition, page 608; merge action: carried; file SHA-256 18573afb153d.