Hurricane Laura Repairs at McMurry and Pattison Parks All bids must be accompanied by bid security equal to five percent (5%) of the sum of the base bid and all alternates, and must be in the form of a certified check or cashiers check drawn on a bank insured by the FDIC, or a SPAR Bid Bond Form contained in bidding documents, which shall be written by a surety or insurance company currently on the U.S. Department of the Treasury Financial Management Service list of approved bonding companies which is published annually in the Federal Register, or by a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A.M. Bests Key Rating Guide to write individual bonds up to ten percent (10%) of policyholders' surplus as shown in the A.M. Bests Key Rating Guide or by an insurance company in good standing licensed to write bid bonds which is either domiciled in Louisiana or owned by Louisiana residents, all in accordance with LSA-R.S. 38:2218. No Bid Bond indicating an obligation of less than five percent (5%) by any method is acceptable. If bid is submitted electronically, an electronic bid bond as described in LSA--R.S. 38:2212 E.(1) per the standards adopted by the office of the governor, division of administration and the office of the information technology as provided for in LAC 4:XV.701 will be required. The successful bidder shall be required to furnish a Performance and Payment Bond in an amount equal to one hundred percent (100%) of the Contract amount, which shall be written by a surety or insurance company currently on the U.S. Department of the Treasury Financial Management Service list of approved bonding companies which is published annually in the Federal Register, or by a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A.M. Bests Key Rating Guide to write individual bonds up to ten percent (10%) of policyholders surplus as shown in the A.M. Bests Key Rating Guide or by an insurance company in good standing licensed to write bid bonds which is either domiciled in Louisiana or owned by Louisiana residents, all in accordance with LSA-R.S. 38:2219. Sulphur Parks and Recreation reserves the right to reject any and all bids for just cause as permitted by LA R.S. 38:2214B. The ability of an entity to reject any bid is applicable only when administered in accordance with the Public Bid Law. In accordance with LSA-R.S. 38:2212B.(1), the provisions and requirements of this Section, and those stated in the bidding documents shall not be waived by any entity.
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