We supply material to a contractor working direct for the school. Our materials will be about $50K and they've stated a bond is not required. Would like to verify.
1 reply
Dec 18, 2017
LA Rev Stat § 38:2241 states: "For each contract in excess of twenty-five thousand dollars per project, the public entity shall require of the contractor a bond with good, solvent, and sufficient surety in a sum of not less than fifty percent of the contract price for the payment by the contractor or subcontractor to claimants as defined in R.S. 38:2242." Thus, for all public projects exceeding $25,000 in Louisiana, and bond must be provided. If a bond has been executed, it should be available in the public record- Louisiana requires bond holders on public projects to record their bonds, though this requirement is not necessarily strictly adhered to.