Texas Insurance Code 1576.009 – Contract Award; Considerations
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(a) In awarding a contract under this chapter, the trustee is not required to select the lowest bid and may consider any relevant criteria, including a bidder’s:
(1) ability to service contracts;
(2) past experience; and
(3) financial stability.
(b) If the trustee awards a contract to a bidder whose bid deviates from that advertised, the trustee shall record the deviation and fully justify the reason for the deviation in the minutes of the next meeting of the trustee.
Terms Used In Texas Insurance Code 1576.009
- Contract: A legal written agreement that becomes binding when signed.
- Trustee: A person or institution holding and administering property in trust.