SB50 Summary

• Increases the maximum bid guarantee amount from $10,000 to $50,000 for bidders on public works projects funded by the State Department of Transportation under Section 23-1-2.

• Increases the maximum bid guarantee amount from $10,000 to $50,000 for bidders on Department of Transportation projects under Section 39-2-4, while maintaining the $10,000 maximum for other awarding authorities.

• Bid guarantees must remain at least five percent of the contractor's bid or the awarding authority's estimated cost, with bidders required to submit either a certified check or bid bond payable to the awarding authority.

• Preserves existing prequalification procedures and criteria requirements for awarding authorities, including written procedures published in advance and revocation procedures with due process protections.

• Becomes effective immediately upon passage and approval by the Governor.