Contractor License, Surety Bonds, and Insurance
No contract shall be awarded to any contractor who is not licensed as required by the laws of this State. Before any contract is awarded to any person, such person shall furnish to the Charter School performance and payment bonds that shall become binding upon award of the contract to a contractor as follows:
- Performance bonds in an amount not less than 85 percent of the contract amount for the sole protection of the Charter School; and
- Payment bond in an amount not less than 85 percent of the contract amount for the protection of persons supplying labor or materials, or renting or otherwise supplying equipment to the contractor and/or his or her subcontractors in the prosecution of the work performed under the contract.
Legal Reference:
I.C. § 54-1902 Unlawful to Engage in Public Works Contracting Without License
I.C. § 54-1925, et seq. Public Contracts Bond Act
Policy History
Adopted on: August 16, 2021
Revised on:
Reviewed on: