South Dakota Codified Laws 31-14-8. Bid and certified check or bond deposited with county auditor before openingof bids
Current as of: 2023 | Check for updates
|
Other versions
Each bid shall be made in accordance with the plans and specifications on file. Each bid in excess of fifty thousand dollars shall be accompanied by a certified check, certified by a state or national bank domiciled within this state, in the sum of five percent of the total amount of the bid, or a ten percent bid bond issued by a surety authorized to do business in the state. To be effectual for any purpose the bid and certified check or bond shall be securely enclosed in a sealed envelope and deposited with the county auditor before the hour of opening the sealed bids.
Terms Used In South Dakota Codified Laws 31-14-8
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
Source: SL 1919, ch 333, § 32; SL 1920 (SS), ch 89; SDC 1939, § 28.1405; SL 1961, ch 142, § 2; SL 2018, ch 168, § 43.