§ 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.
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