Metal Roof Replacement and Mechanical Improvements at Katherine Johnson High School 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, cashier's check or the Orleans Parish School Board Bid Bond Form written by a surety company licensed to do business in Louisiana, signed by the surety's agency or attorney-in-fact. Surety must be listed on the current U.S. Department of the Treasury Financial Management Service list of approved bonding companies as approved for an amount equal to or greater than the amount for which it obligates itself in the Bond, or must be a Louisiana domiciled insurance company with at least an A - rating in the latest printing of the A.M. Best's Key Rating Guide. If surety qualifies by virtue of its Best's listing, the amount of the Bond may not exceed ten percent of policyholders' surplus as shown in the latest A.M. Best's Key Rating Guide. The Bid Bond shall be in favor of the Orleans Parish School Board, and shall be accompanied by appropriate power of attorney. No Bid Bond indicating an obligation of less than five percent (5%) by any method is acceptable. The successful Bidder shall be required to furnish a Performance Bond and a Payment Bond written by a company licensed to do business in Louisiana, in an amount equal to 100% of the Contract amount. Surety must be listed currently on the U. S. Department of Treasury Financial Management Service List (Treasury List) as approved for an amount equal to or greater than the contract amount, or must be an insurance company domiciled in Louisiana. If the Surety is not listed on the Treasury List, and has less than an A- rating (as shown in the latest edition of A.M. Bests Key Rating Guide) the maximum Contract amount for which that Surety may provide a Bond is $500,000.00 (Five Hundred Thousand Dollars), or fifteen percent of the Suretys policyholders' surplus (as shown by Surety's most recent financial statements filed with the Louisiana Department of Insurance), whichever is less. If the Surety is not listed on the Treasury List, and has at least an Arating or better (as shown in the latest edition of A.M. Bests Key Rating Guide), the maximum Contract amount for which that Surety may provide a Bond is fifteen percent of the Suretys policyholders' surplus (as shown by Surety's most recent financial statements filed with the Louisiana Department of Insurance. The Bond shall be signed by the surety's agent or attorney-in-fact, and shall be in favor of the Orleans Parish School Board. The Owner reserves the right to reject any and all bids for just cause. In accordance with La. R.S. 38:2212 (B)(1), the provisions and requirements of this Section, those stated in the advertisement bids, and those required on the bid form shall not be considered as informalities and shall not be waived by any public entity.
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