All bids must be accompanied by bid security equal to five percent (5%) of the sum of the base bid and all alternates, and must be in the form of a certified check, cashierÕs check or Bid Bond Form written by a surety company licensed to do business in Louisiana, signed by the suretyÕs agency or attorney-in-fact. Surety must be listed on the current U.S. Department of the Treasury Financial Management Service list of approved bonding companies as approved for an amount equal to or greater than the amount for which it obligates itself in the Bond, or must be a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A.M. BestÕs Key Rating Guide. If surety qualifies by virtue of its BestÕs listing, the amount of the Bond may not exceed ten percent of policyholdersÕ surplus as shown in the latest A.M. BestÕs Key Rating Guide. The Bid Bond shall be in favor of the Louisiana State University and Agricultural and Mechanical College, and shall be accompanied by appropriate power of attorney. No Bid Bond indicating an obligation of less than five percent (5%) by any method is acceptable. The successful Bidder shall be required to furnish a Performance and Payment Bond written by a company licensed to do business in Louisiana, in an amount equal to 100% of the Contract amount. Surety must be listed currently on the U.S. Department of Treasury Financial management Service List (Treasury List) as approved for an amount equal to or greater than the contract amount, or must be an insurance company domiciled in Louisiana or owned by Louisiana residents. If surety is qualified other than by listing on the Treasury list, the contract amount may not exceed fifteen percent of policyholdersÕ surplus as shown by suretyÕs most recent financial statements filed with the Louisiana Department of Insurance and may not exceed the amount of $500,000. However, a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A.M. BestÕs Key Rating Guide shall not be subject to the $500,000 limitation, provided that the contract amount does not exceed ten percent of policyholdersÕ surplus as shown in the latest A.M. The Owner reserves the right to reject any and all bids for just cause. In accordance with La. R.S. 38:2212 (A)(1)(b), the provisions and requirements of this Section, those stated in the advertisement for bids, and those required on the bid form shall not be considered as informalities and shall not be waived by any public entity.