BRIDGE NO. 500156 CPPJ-Revised 2019.01.01 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 an electronic bid bond as described in LSA--R.S. 38:2212 E.(1) per the standards adopted by the office of the governor, division of administration and the office of the information technology as provided for in LAC 4:X.701. Bid security shall be written by a surety or insurance company currently on the U.S. Department of the Treasury Financial Management Service list of approved bonding companies which is published annually in the Federal Register, or by a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A.M. Best's Key Rating Guide to write individual bonds up to ten percent of policyholders' surplus as shown in the A.M. Best's Key Rating Guide or by an insurance company in good standing licensed to write bid bonds which is either domiciled in Louisiana or owned by Louisiana residents, all in accordance with . 38:2218. No Bid Bond indicating an obligation of less than five percent (5%) by any method is acceptable. The contractor is responsible for investigating and complying with electronic bid bond submission with and through the electronic bidding service. The successful bidder shall be required to furnish a Performance and Payment Bond, each in an amount equal to 100% of the Contract amount, which shall be written by a surety or insurance company currently on the U.S. Department of the Treasury Financial Management Service list of approved bonding companies which is published annually in the Federal Register, or by a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A.M. Best's Key Rating Guide to write individual bonds up to ten percent of policyholders' surplus as shown in the A.M. Best's Key Rating Guide or by an insurance company in good standing licensed to write bid bonds which is either domiciled in Louisiana or owned by Louisiana residents, all in accordance with 38:2219. The successful bidder shall be required to have 5% or 10% retainage withheld from all payments. Bids shall be accepted only from contractors who are licensed under 37:2150-2163 for the classification of "Highway, Street and Bridge Construction." No bid may be withdrawn for a period of forty-five (45) days after receipt of bids, except under the provisions of38:2214. The Owner reserves the right to reject any and all bids for just cause as permitted by . 38:2214B. The ability of an Entity to reject any bid is applicable only when administered in accordance with the Public Bid Law. In accordance with 38:2212B.(1), the provisions and requirements of this Section, and those stated in the bidding documents shall not be waived by any entity Official action on this bid will be taken within forty-five (45) days by the Calcasieu Parish Police Jury, except as may be extended by mutual written consent with the lowest responsible bidder.