{"data":{"id":"us-ky/krs-45a.430","jurisdiction":"us-ky","citation":"KRS 45A.430","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 local public agency to exceed one\nhundred thousand dollars ($100,000). Bidder's security shall be a bond provided by\na surety  company authorized to do business in this Commonwealth, or the\nequivalent in cash, in a form satisfactory to the local public agency. Nothing herein\nprevents the requirement of such bonds on construction contracts under one\nhundred thousand dollars ($100,000) 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 b e rejected, provided, however, that the local\npublic agency may set forth by regulation exceptions to this requirement in the\nevent 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=48789","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:07Z","sha256":"0040da72c02c6e9c968851861c3ccb80ac8c64ae331c8eace14abca97c22050f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.425","next":"us-ky/krs-45a.435"},"notice":"GroundRules: Original legal text. Not legal advice."}