(a) All bids shall be presented under sealed cover and accompanied by one of the following forms of bidder’s security:
(1) An electronic bidder’s bond by an admitted surety insurer submitted using an electronic registry service approved by the department advertising the contract.
(2) A signed bidder’s bond by an admitted surety insurer received by the department advertising the contract.
(3) Cash, a cashier’s check, or certified check received by, and made payable to, the director of the department advertising the contract.
(b) The required bidder’s security shall be in an amount equal to at least 10 percent of the amount bid. A bid shall not be considered unless one of the forms of bidder’s security is enclosed with it.
(c) All bids submitted pursuant to this section shall also comply with the provisions of Section 1601 of the Public Contract Code.
(Amended by Stats. 2012, Ch. 290, Sec. 3. (AB 1671) Effective January 1, 2013.)