Contracts and Bids
Deposits to Secure Performance of Contracts
A state agency may pay a deposit to an entity or person if the payment is necessary to prevent harm to the state. A deposit ordinarily is forfeited to the holder of the deposit if the agency does not properly fulfill its contractual obligations.
Documentation Requirements [+]
A state agency that pays a deposit must retain documentation in its files showing how the payment is necessary to prevent harm to the state.