South Dakota Codified Laws 5-18A-35. Bond or approved security
Current as of: 2023 | Check for updates
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In the procurement of supplies or services, a purchasing agency may require a bond or an approved security to be submitted with any bid or proposal as a guarantee that the bidder will enter into a contract with the purchasing agency. No offeror or bidder may be required to leave the bond or security posted for a longer period than that allowed by § 5-18A-5 if the bid or proposal is not accepted. The bond or approved security of the successful offeror or bidder shall be returned upon the signing of the contract.
Terms Used In South Dakota Codified Laws 5-18A-35
- Contract: A legal written agreement that becomes binding when signed.
Source: SL 2010, ch 31, § 38; SL 2016, ch 39, § 2.