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Terms Used In Louisiana Revised Statutes 43:27

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

No person, firm, or corporation who has been awarded a contract under the provisions of this Chapter or any surety thereof, shall be relieved of any obligation to the state by any subletting of a contract in whole or in part.