Okla. Stat. tit. 61, § 61-107

bid.

A. A bidder on a public construction contract exceeding One

Hundred Thousand Dollars ($100,000.00) or a construction management

trade contract or subcontract exceeding Fifty Thousand Dollars

($50,000.00) shall accompany the bid with:

1. A certified check, cashier's check or bid bond equal to five

percent (5%) of the bid, which shall be deposited with the awarding

public agency as a guaranty; or

2. An irrevocable letter of credit containing terms the Office

of Management and Enterprise Services prescribes, issued by a

financial institution insured by the Federal Deposit Insurance

Corporation or the Federal Savings and Loan Insurance Corporation

for the benefit of the state, on behalf of the awarding public

agency, in an amount equal to five percent (5%) of the bid. The

awarding public agency shall deposit the irrevocable letter of

credit with the Office.

B. The cost of republication of the notice to bidders, actual

expenses incurred by reason of the bidder's default and the

difference between the low bid of the defaulting bidder and the

amount of the bid of the bidder to whom the contract is subsequently

awarded, but not to exceed the amount of the certified check,

cashier's check, bid bond or irrevocable letter of credit may, at

the discretion of the awarding public agency, be forfeited to the

awarding public agency in the event the apparently successful bidder

fails to execute the contract or fails to provide the required bonds

or irrevocable letters of credit and insurance to the awarding

public agency.

C. The public agency shall, upon receipt of notice from the

awarding public agency, return a certified or cashier's check, bid

Oklahoma Statutes - Title 61. Public Buildings and Public Works Page 30

bond, or irrevocable letter of credit to the successful bidder on

execution and delivery of the contract and required bonds or

irrevocable letters of credit and insurance. Checks of unsuccessful

bidders shall be returned to them in accordance with the terms of

the bid solicitation.

D. Nothing contained herein shall be construed so as to prevent

the awarding public agency or the courts from exonerating the bidder

and other parties to the bid security document from liability upon a

timely showing that the bidder committed what the courts have

determined under the common law to be an excusable bidding error and

for that reason it would not be equitable to enforce the bid

security.