The requirement of a performance security may be waived by a public corporation if the bid submitted does not exceed the limit established pursuant to § 5-18A-14 for a public improvement.

Source: SL 1968, ch 276 ; SL 1977, ch 51 , § 2; SL 1985, ch 42 , § 3; SL 1988, ch 56 , § 3; SL 2015, ch 52 , § 1.