RS Moduler Poles. The Lafayette City-Parish Consolidated Government reserves the right to hold the certified checks, cashier's checks, or bid bonds of the three (3) lowest bidders until the successful bidder has entered into a contract. If a bid bond is used, it shall be written by a surety or insurance company 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. Best's Key Rating Guide to write individuals bonds up to ten percent (10%) of the Policyholder's surplus as shown in the A. M. Best's 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 a Louisiana residents. The bid bond shall be issued by a company licensed to do business in Louisiana. Notwithstanding the aforesaid, in the event that a bidder furnished a bid bond which does not fully comply with the provisions of the Article, but which is otherwise a legally valid and enforceable bond, the Lafayette City-Parish Consolidated Government may allow the bidder to amend his bid bond following the opening of bids in order to bring the bond into conformity with the requirements of this Article and or the requirements of the LA. R.S. 38:2218, or may permit the bidder to substitute other bid security in place of the bid bond submitted. Any bidder not furnishing bid security when required, may cause rejection of said bid. The successful bidder's bid security SHALL EQUAL FIVE PERCENT (5%), of the total extended bid price OR THE AMOUNT SPECIFIED IN THE NOTICE TO BIDDERS, and will be retained until a satisfactory contract has been entered into between the bidder and the Lafayette City-Parish Consolidated Government.
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