Official Code of Georgia Annotated

Title 36. LOCAL GOVERNMENT · Chapter 91. PUBLIC WORKS BIDDING · Article 3. BONDS · Part 2. BID BONDS

36-91-51. Cash in lieu of bid bonds; letters of credit.

Active

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

(a)
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.#
(b)
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.#

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.

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.

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

Text read from t36-ch60-92-(v27a)-2025-pdf.pdf, Volume V27A, 2025 edition, page 642; merge action: bound only; file SHA-256 5150ee8c60f7.

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