Title 13, Chapter 10, Section 20
(a) Bid bonds shall be required for all state public works
construction contracts with estimated bids or proposals over
$100,000.00; provided, however, that the state or any public board
or body of the state may require a bid bond for projects with
estimated bids or proposals of $100,000.00 or less.
(b) In the case of competitive sealed bids, except as provided in Code Sections 13-10-22 and 13-10-23, a bid may not be revoked or withdrawn until 60 days after the time set by the state or any public board or body of the state for opening of bids. Upon expiration of such 60 day time period, the bid will cease to be valid, unless the bidder provides written notice to the state prior to the scheduled expiration date that the bid will be extended for a time period specified by the state.
(c) In the case of competitive sealed proposals, the state shall
advise offerors in the request for proposals of the number of days
that offerors will be required to honor their proposals; provided,
however, that if an offeror is not selected within 60 days of
opening the proposals, any offeror that is determined by the state
to be unlikely of being selected for contract award shall be
released from his or her proposal.
(d) If the state requires a bid bond for any public works construction contract, no bid or proposal for a contract with the state shall be valid for any purpose unless the contractor gives a bid bond with good and sufficient surety or sureties approved by the state. The bid bond shall be in the amount of not less than 5 percent of the total amount payable by the terms of the contract. No bid or proposal shall be considered if a proper bid bond or other security authorized in Code Section 13-10-21 has not been submitted. The provisions of this subsection shall not apply to any bid or proposal for a contract that is required by law to be accompanied by a proposal guaranty and shall not apply to any bid or proposal for a contract with any public agency or body which receives funding from the United States Department of Transportation and which is primarily engaged in the business of public transportation.