Opening of bids—Deposit.

At the time and place fixed in the call for bids, such bids as have been submitted shall be publicly opened and read. No bid may be considered unless it is accompanied by a bid deposit in the form of a surety bond, cash, cashier's check, or certified check in an amount equal to five percent of the amount of the bid proposed.[ 1985 c 369 s 3; 1963 c 4 s 36.77.030. Prior: 1959 c 67 s 4; prior: 1937 c 187 s 32, part; RRS s 6450-32, part.]