There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 13: Public Purchases and Property
Article 1: Procurement, 13-1-1 through 13-1-199
Section 13-1-146: Requirement for bid security.
Universal Citation:
NM Stat § 13-1-146 (1996 through 1st Sess 50th Legis)
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13-1-146. Requirement for bid security.
Bid security shall be required of bidders or offerors for construction contracts when the price is estimated by the procurement officer to exceed twenty-five thousand dollars ($25,000). Bid security in an amount equal to at least five percent of the amount of the bid shall be a bond provided by a surety company authorized to do business in this state, or the equivalent in cash, or otherwise supplied in a form satisfactory to the state agency or a local public body.
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