Except as otherwise provided in this section, a procurement officer may not require a bidder or offeror to provide bid security on a procurement contract if the procurement officer expects the price to be less than or equal to the small procurement amount specified in § 13–109 of this title. A procurement officer shall require a bidder or offeror to provide bid security on a procurement contract for construction if: the price is expected to exceed the small procurement amount specified in § 13–109 of this title; or required by federal law or a condition of federal assistance requires the security. The amount of bid security required for a procurement contract for construction shall be: at least 5% of the bid or price proposal; or if the bid or price proposal states a rate but not a total price, an amount determined by the procurement officer. A procurement officer may require a bidder or offeror to provide bid security on a procurement contract for services, supplies, or construction related services if the price of the procurement contract is expected to exceed the small procurement amount specified in § 13–109 of this title. A procurement officer shall require a bidder or offeror to provide bid security on a procurement contract for services, supplies, or construction related services if federal law or a condition of federal assistance requires the security. The amount of bid security required for a procurement contract for services, supplies, or construction related services shall be an amount determined by the procurement officer. If a bid or proposal states a rate but not a total price, the procurement officer shall determine the dollar amount of the bid security. Bid security under this section shall be: a bond provided by a surety company authorized to do business in the State; cash; or another form of security allowed by regulation.