Illinois General Assembly - Illinois Compiled Statutes

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605 ILCS 10/16

(605 ILCS 10/16) (from Ch. 121, par. 100-16)

Sec. 16.

All contracts let for the construction of any work
authorized to be done under the provisions of the Act, where the amount
thereof is in excess of a small purchase amount, as defined in Section 20-20 of the Illinois Procurement Code, shall be let to the lowest
responsible bidder, or bidders, on open, competitive bidding after
public advertisement made at least 15 days prior to the opening of
bids, in the Illinois Procurement Bulletin, in such manner and at such intervals, as may be
prescribed by the Authority except for contracts for the completion of a
terminated or defaulted contract. 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, and 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. 96-592, eff. 8-18-09.)