Storefront Window Replacement at William Guste School 2625 Thalia Street New Orleans, La 70113 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. 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. the Owner is Exempt From the Requirement of Acting to Award the Contract or Reject All Bids Within Forty-five (45) Calendar Days of Receipt of the Bids. Pursuant to This Statute, the Owner Specifically Reserves the Right to Hold All Bids for Greater Than for Ty-five (45) Calendar Days. The Orleans Parish School Board Shall Incur No Obligation to the Contractor Until the Contract Between Owner and Contractor is Fully Executed.
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