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SCHOOL FACILITIES <br />9255 <br />Page 1 of 1 <br />CONTRACTOR LICENSE, SURETY BONDS, AND INSURANCE <br />No contract shall be let to any contractor who is not licensed as required by the laws of <br />this state. Before any contract is awarded to any person, such person shall furnish to <br />the District performance and payment bonds that shall become binding upon award of <br />the contract to a contractor as follows: <br />1. Bid bond in an amount not less than five percent (5 %) of total bid shall be included <br />with the bid. <br />2. Performance bonds in an amount not less than one hundred percent (100 %) of the <br />contract amount for the sole protection of the District; and <br />3. Payment bond in an amount less than one hundred percent (100°/x) of the contract <br />amount for the protection of persons supplying labor or materials, or renting or <br />otherwise supplying equipment to the contractor and /or his subcontractors in the <br />prosecution of the work performed under the contract. <br />Adopted 06/14/2006 Reviewed Revised <br />Legal Reference: I.C. § 54 -1902 Unlawful to engage in public works contracting without license <br />I.C. § 54 -1925 et seq. Public contracts Bond Act <br />Bonneville Joint School District No. 93 <br />