Louisiana Regulations § 31-III-113 Drayage Bid Guaranty and Bond
Regulation Text
A.
If specified in the invitation for bids, a bond, certified check, or money order payable to the Department of State in the amount of 5 percent of the bid must accompany each bid submitted.
B.
If a bidder withdraws his bid after bid opening, without complying with LAC 31:III.111, or fails to execute a contract within 20 days of request, the bid bond or other security shall be forfeited and deposited into the Department of the Treasury as income not available.
History
Promulgated by the Department of State, Elections Division, LR 34:700 (April 2008).
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