South Dakota Codified Laws 46A-5-16. Contracts for material–Lowest responsible bidder–Security for bid, amount,forfeiture
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Contracts for the purchase of material shall be awarded to the lowest responsible bidder. Bidders may be required to put up a certified check in the sum of five percent of the bid, to be forfeited to the district in the event that the bidder does not execute the contract if awarded to him.
Terms Used In South Dakota Codified Laws 46A-5-16
- Contract: A legal written agreement that becomes binding when signed.
Source: SDC 1939, § 61.0919; SDCL, § 46-13-16.