(a) All bids shall be presented under sealed cover and accompanied by one of the following forms of bidderâs security: cash, a cashierâs check, certified check, or a bidderâs bond executed by an admitted surety insurer, made payable to the trustees. The 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 bidderâs security is enclosed with it. (b) A bid described in subdivision (a) may be submitted electronically in accordance with Section 1601, but only if the bidder submits the bidderâs security required by subdivision (a) within 24 hours after the opening of bids.
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.