All proposal guaranties except that of the lowest bidder will be returned immediately following the opening and checking of the proposals. The proposal guaranty of the low bidder will be retained until a Performance Bond is secured and furnished the Department. In the event the low bidder decides to reject the contract, the second low bidder will be given the option of accepting it, upon presentation of a proper proposal security in the amount specified or by immediately executing the contract and furnishing a proper performance bond. (Amended .)
045-8 Wyo. Code R. § 8-4