1. (a) Before securing services described in section 2 of this chapter, the state educational institution must invite bids from at least three (3) bidders. The state educational institution must mail a notice to each bidder not less than ten (10) days before the time fixed for receiving bids. Each bidder shall submit under oath as a part of the bid a statement of:

   1. (1) the bidder's professional experience;
   2. (2) the bidder's proposed plan for performing the work;
   3. (3) the equipment and personnel available for the performance of the work;
   4. (4) the bidder's current financial status;
   5. (5) the bidder's best estimate of the cost of each item of work to be performed including a breakdown of all labor and materials required to complete the work; and
   6. (6) if a trust, the name of each beneficiary of the trust and settlor empowered to revoke or modify the trust.

2. (b) After the bids have been submitted to the institution, the state educational institution may only contract with the lowest and best bidder using terms and conditions that will accomplish the work at the lowest possible cost to the state.

   [Pre-2007 Higher Education Recodification Citation: 20-12-3-2 part.]

As added by P.L.2-2007, SEC.278.