{"data":{"id":"us-ok/okla.-stat.-tit.-61-61-107","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 61, § 61-107","heading":"Check, bond or irrevocable letter of credit to accompany","body":"bid.\n\nA. A bidder on a public construction contract exceeding One\n\nHundred Thousand Dollars ($100,000.00) or a construction management\n\ntrade contract or subcontract exceeding Fifty Thousand Dollars\n\n($50,000.00) shall accompany the bid with:\n\n1. A certified check, cashier's check or bid bond equal to five\n\npercent (5%) of the bid, which shall be deposited with the awarding\n\npublic agency as a guaranty; or\n\n2. An irrevocable letter of credit containing terms the Office\n\nof Management and Enterprise Services prescribes, issued by a\n\nfinancial institution insured by the Federal Deposit Insurance\n\nCorporation or the Federal Savings and Loan Insurance Corporation\n\nfor the benefit of the state, on behalf of the awarding public\n\nagency, in an amount equal to five percent (5%) of the bid. The\n\nawarding public agency shall deposit the irrevocable letter of\n\ncredit with the Office.\n\nB. The cost of republication of the notice to bidders, actual\n\nexpenses incurred by reason of the bidder's default and the\n\ndifference between the low bid of the defaulting bidder and the\n\namount of the bid of the bidder to whom the contract is subsequently\n\nawarded, but not to exceed the amount of the certified check,\n\ncashier's check, bid bond or irrevocable letter of credit may, at\n\nthe discretion of the awarding public agency, be forfeited to the\n\nawarding public agency in the event the apparently successful bidder\n\nfails to execute the contract or fails to provide the required bonds\n\nor irrevocable letters of credit and insurance to the awarding\n\npublic agency.\n\nC. The public agency shall, upon receipt of notice from the\n\nawarding public agency, return a certified or cashier's check, bid\n\nbond, or irrevocable letter of credit to the successful bidder on\n\nexecution and delivery of the contract and required bonds or\n\nirrevocable letters of credit and insurance. Checks of unsuccessful\n\nbidders shall be returned to them in accordance with the terms of\n\nthe bid solicitation.\n\nD. Nothing contained herein shall be construed so as to prevent\n\nthe awarding public agency or the courts from exonerating the bidder\n\nand other parties to the bid security document from liability upon a\n\ntimely showing that the bidder committed what the courts have\n\ndetermined under the common law to be an excusable bidding error and\n\nfor that reason it would not be equitable to enforce the bid\n\nsecurity.","path":["OK Code","Title 61"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os61.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"70bb9c229d05baeab5b262d12f9b1ec01a927fabcb337f347a3eb137c44fbae6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-61-61-106","next":"us-ok/okla.-stat.-tit.-61-61-108"},"notice":"GroundRules: Original legal text. Not legal advice."}