Louisiana Revised Statutes 34:1355 – Contracts; bids; bond
Terms Used In Louisiana Revised Statutes 34:1355
- Contract: A legal written agreement that becomes binding when signed.
Whenever any work is to be let by contract under the provisions of this Chapter the price of which is to exceed two thousand dollars, it shall proceed to provide through its engineering department proper specifications for the work and thereafter it shall advertise for bids for the performance of such work according to the plans and specifications as prepared. These advertisements shall appear not less than three times during a period of fifteen days in a newspaper published in the parish official journal and in any other paper, or papers, that may be selected by it. The advertisements shall state the place where the bids will be received, the time and the place where they will be opened and a general outline of the work to be performed. Every bid shall be accompanied by a certified check of the bidder in an amount equal to five per cent of the amount of the bid which check shall be forfeited to it should the bidder, to whom such contract is awarded, fail to enter into the contract within ten days after written notice so to do is given by it. The checks of all unsuccessful bidders shall be returned after the contract is awarded. All bids submitted shall be sealed and addressed to the governing authority and shall be publicly opened and read at the time stated in the advertisement. It may reject any and all bids, but whenever a contract is awarded, unless for cause, it shall be awarded to the lowest responsible bidder. It may also execute the work with its own force and equipment under its own supervision.
When contracts are let to others, however, the bidders shall be required to furnish bond of a surety company authorized to do business in Louisiana or other good and solvent surety to the satisfaction of it in an amount equal to one-half of the amount of the contract, conditioned that the work shall be performed in accordance with the plans and specifications and the terms of the contract, and containing any other stipulations, provisions and covenants that may be required by it. The awarding of a contract to a successful bidder shall be binding upon both parties even though for some cause the actual contract cannot be signed.
Added by Acts 1954, No. 567, §1. Amended by Acts 1970, No. 373, §1, eff. Jan. 1, 1971; Acts 1970, No. 503, §1, eff. Jan. 1, 1971.