FILE:  FGE

BONDS

BID BONDS

The East Feliciana Parish School Board shall require bidders for construction, improvement, repair, or other work to attach to the bid submitted, a bid bond, certified check, or cashier's check for not more than five percent (5%) of the contract work to be done.  The Board may require a bid bond or certified or cashier's check of not more than five percent (5%) of the estimated price on bids taken for supplies and materials.

SURETY BONDS

For public works contracts exceeding $100,000, the Board shall require the contractor to furnish a surety bond in the amount set by the Board, but not less than fifty percent (50%) of the contract price.  The bond shall be issued by a surety company approved by the Board.

PERFORMANCE BONDS

Performance bonds shall be required for all public works projects in excess of $100,000 as required by statute.  The contractor shall furnish the Board with a bond in an amount not less than one-half of the amount of the contract for faithful performance of duties.  The staff may require a performance bond on other public works or purchases if it is deemed in the best interest of the School Board, providing such requirement is included in the bid advertisement and specifications.

Re-Adopted:  October 5, 1999

Ref:     La. Rev. Stat. Ann. §§38:2216, 38:2218, 38:2241

Board minutes, 10-3-78, 10-5-99

East Feliciana Parish School Board