FILE:  FGE

BONDS

SURETY BONDS

All persons contracting for the building or repairing of school property, where the contract exceeds $10,000, shall be required to execute a bond, with approved security, in the amount of the contract.

PERFORMANCE BONDS

Performance bonds shall be required for all public works projects in excess of $10,000 as required by statute.  Purchases in excess of $10,000 shall not require a performance bond for goods that are delivered complete and where no payments are made in advance to the vendor.  The staff may require a performance bond if it is deemed in the best interest of the School Board, providing such requirement is included in the bid advertisement and specifications.

Ref:     Board minutes, 2-6-73, 2-6-90, 11-16-92, 2-19-02

Rapides Parish School Board