Louisiana Regulations § 31-III-115 Drayage Performance Bond
Regulation Text
A.
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.
History
Promulgated by the Department of State, Elections Division, LR 34:700 (April 2008).
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