(70 ILCS 1905/24) (from Ch. 114, par. 384)
Sec. 24.
Letting of
contracts.
All contracts to be let for the construction, alteration, improvement,
repair, enlargement, demolition or removal of any buildings or other
facilities, or for materials or supplies to be furnished, where the amount
thereof is in excess of $10,000.00, shall be let to the lowest responsible
bidder, or bidders, on open competitive bidding after public advertisement
published once at least three weeks prior to the opening of bids, in a
secular English language newspaper of general circulation in the county
where the Authority is located. Nothing contained in this Section shall be
construed to prohibit the Board of Commissioners from placing additional
advertisements in recognized trade journals. Advertisements for bids shall
describe the character of the proposed contract in sufficient detail to
enable the bidders thereon to know what their obligation will be, either in
the advertisement itself, or by reference to detailed plans and
specifications on file in the office of the Railroad Terminal Authority at
the time of the publication of the first announcement. Such advertisement
shall also state the date, time, and place assigned for the opening of bids
and no bids shall be received at any time subsequent to the time indicated
in said advertisement. The Board of Commissioners may reject any and all
bids received and readvertise for bids. All bids shall be open to public
inspection in the office of the Railroad Terminal Authority for a period of
at least 48 hours before award is made. The successful bidder
for such work shall enter into contracts furnished and prescribed by the
Board of Commissioners and in addition to any other bonds required under
this Act the successful bidder shall execute and give bond, payable to and
to be approved by the Authority, with a corporate surety authorized to do
business under the laws of the State of Illinois, in an amount to be
determined by the Board of Commissioners, conditioned upon the payment of
all labor furnished and materials supplied in the prosecution of the
contracted work. If the bidder whose bid has been accepted shall neglect or
refuse to accept the contract within five (5) days after written notice
that the same has been awarded to him, or if he accepts but does not
execute the contract and give the proper security, the Authority may accept
the next lowest bidder, or readvertise and relet in the manner above
provided. In case any work shall be abandoned by any contractor the
Authority may, if the best interests of the Authority be thereby served,
adopt on behalf of the Authority all sub-contracts made by such contractor
for such work and all such sub-contractors shall be bound by such adoption
if made; or the Authority shall, in the manner provided herein, readvertise
and relet the work specified in the original contract exclusive of so much
thereof as shall be accepted. Every contract when made and entered into, as
herein provided for, shall be executed in duplicate, one copy of which
shall be held by the Authority, and filed in its records,
and one copy of
which shall be given to the contractor.
(Source: P.A. 83-343.)
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