- (a) General. Bidders shall submit bid bonds or performance bonds or similar assurances when required by the terms and conditions of the invitation for bids, solicitation or request for proposals, as obligee with surety satisfactory to the procurement agency, in a sum not to exceed one hundred percent (100%) of the contract price.
- (b) Award. A bid shall not be awarded to any bidder who fails or refuses to provide a bond when required by the invitation for bids.
- (c) Default. A contractor may be declared in default of his or her contract with the state, and his or her bond forfeited, when it is determined by the procurement official that the contractor is in breach of the terms and conditions of the contract.
Codification Notes: This section was promulgated as R2:19-11-235 of the Procurement Rules prior to codification into the Code of Arkansas Rules.