(70 ILCS 15/8) (from Ch. 15 1/2, par. 708)
Sec. 8.
Contracts; construction.
All contracts let for the construction of any work authorized to be done
under the provisions of this Act, where the amount thereof exceeds $5,000,
shall be let to the lowest responsible bidder or bidders on open,
competitive bidding after public advertisement made at least 15 days before
the opening of bids, in a newspaper of general circulation in a county in
which an Authority airport is located, in such manner and at such
intervals as may be prescribed by the Authority. The successful bidders
for such work shall enter into contracts furnished and prescribed by the
Authority. Such contracts shall contain a provision that such successful
bidder shall indemnify and save harmless the State of Illinois for any
accidental injuries or damages arising out of his negligence in the
performance of such contract, and shall, in addition, execute and give
bonds, payable to the Authority, with a corporate surety authorized to do
business under the laws of the State of Illinois, equal to at least 50% of
the contract price, one conditioned upon faithful performance of the
contract and the other for the payment of all labor furnished and materials
supplied in the prosecution of the contracted work.
(Source: P.A. 86-1400.)
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