(a) Bid security shall be required for all competitive sealed bidding and competitive sealed proposals for construction contracts when the price is estimated by the contracting officer to exceed $100,000. Bid security shall be a bond provided by a surety company authorized to do business in the District or the equivalent in cash, or otherwise supplied in a form satisfactory to the District. This section shall not prevent the requirement of such bonds on such contracts under $100,000 or bid or proposal bonds on any other contracts when the circumstances warrant.
(b) Bid security shall be in an amount equal to at least 5% of the amount of the bid.
(c) If the Invitation for Bids or Request for Proposals requires that a bid bond be provided, a bidder that does not comply shall be rejected unless, pursuant to rule, it is determined that the bid or offer fails to comply in a nonsubstantial manner with the security requirements.
(d) After bids are opened, they shall be irrevocable for the period specified in the Invitation for Bids. If a bidder is permitted to withdraw its bid or proposal before award, or is excluded from the competition before award, no action shall be had against the bidder or the bid security.