Asphalt Overlay of Various Streets All bids shall be accompanied by a certified check, cashiers check, or bid bond payable to the City of Lake Charles, the amount of which shall be five percent (5%) of the base bid and all alternates. If a bid bond is used, it 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. Bests Key Rating Guide to write individual bonds up to ten percent of policyholders surplus as shown in the A.M. Bests 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. The bid bond shall be issued by a company licensed to do business in Louisiana and who is under contract with the surety company or bond issuer as a licensed agent in this state and residing in this state. The certified check, cashiers check or bid bond shall be given as a guarantee that the bidder shall execute the contract, should it be awarded to him, in conformity with the contract documents within fifteen (15) days of the Notice of Award. No Bidder may withdraw his bid within forty-five (45) days after the actual date of the opening thereof; except as prescribed in LA R.S. 38:2215 A. Bids and Bid Bonds shall be submitted only on the forms provided with the specifications. The successful bidder shall be required to furnish a Performance and Payment Bond in an amount equal to 100% of the Contract amount, shall be written by a surety or insurance company currently on the U.S. Department of the Treasury Financial Management Service list (Circular 570) or approved bonding companies which is published annually in the Federal Register. The public shall incur no obligation to the Contractor until the contract between the City and the Contactor is fully executed. Contractors or contracting firms doing work which is classed as Hazardous Materials or any sub classification, shall be properly licensed when the work to be performed is $1.00 or more. Contractors or contracting firms submitting bids for work besides Hazardous Materials, shall be properly licensed for any work in the amount of $50,000.00 or more. All such bidders shall certify that they are licensed Contractors under Chapter 24 of Title 37 of the Louisiana Revised Statutes.