A bid is $1,280,000, and the bid instructions require bid security equal to 5 percent of the bid. What bid bond amount is required?
Correct Answer
C) $64,000
Bid security is $1,280,000 x 5% = $64,000. Other choices use 0.5%, 4%, or 10% rather than the stated 5%.
Why This Is the Correct Answer
Bid security is $1,280,000 x 5% = $64,000. Other choices use 0.5%, 4%, or 10% rather than the stated 5%.
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