La. Admin. Code tit. 31 § III-115
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-115 - Drayage Performance BondA. If specified in the invitation for bids, the bidder awarded the contract must submit a performance bond or letter of credit in the penal sum of one and one-half times the contract price made payable to the Department of State.B. The performance bond shall be written by a surety or insurance company currently on the U.S. Department of the Treasury Financial Management Service list of approved bonding companies which is published annually in the Federal Register or by a Louisiana domiciled insurance company with at least an A-rating in the latest printing of the A.M. Best's Key Rating Guide.C. If a contractor fails to perform in accordance with contractual obligations, the contractor forfeits the performance bond.La. Admin. Code tit. 31, § III-115
Promulgated by the Department of State, Elections Division, LR 34:700 (April 2008).AUTHORITY NOTE: Promulgated in accordance with R.S. 36:742, R.S. 38:2219, and R.S. 39:1581.