{"data":{"id":"us-ky/krs-45a.185","jurisdiction":"us-ky","citation":"KRS 45A.185","heading":"Bid bonds.","body":"(1) Bidder security shall be required for all competitive sealed bidding for construction\ncontracts when the price is estimated by the Commonwealth to exceed forty\nthousand dollars ($40,000). Bidder's security shall be a bond provided by a surety\ncompany autho rized to do business in this Commonwealth, or the equivalent in\ncash, in a form satisfactory to the Commonwealth.  Nothing herein prevents the\nrequirement of such bonds on construction contracts under forty thousand dollars\n($40,000) when the circumstances warrant.\n(2) Bidder's security shall be in an amount equal to at least five percent (5%) of the\namount of the bid.\n(3) When the invitation for bids requires that bidder security be provided,\nnoncompliance requires that the bid be rejected, provided, howev er, that the\nsecretary of the Finance and Administration Cabinet may set forth by regulation\nexceptions to this requirement in the event of substantial compliance.\n(4) After the bids are opened, they shall be irrevocable for the period specified in the\ninvitation for bids, provided that, if a bidder is permitted to withdraw his bid before\naward because of a mistake in the bid as allowed by law or regulation, no action\nshall be had against the bidder or the bidder's security.","path":["KRS Chapter 45A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22367","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:06Z","sha256":"220d56498e4d1faffbbf355ca4382167fa29ead61ecd501546f6810f595095e9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.184","next":"us-ky/krs-45a.187"},"notice":"GroundRules: Original legal text. Not legal advice."}