S.D. Admin. R. 70:07:02:04

Current through Register Vol. 51, page 70, December 27, 2024

Section 70:07:02:04 - Procedure for obtaining or renewing classification and capacity rating

To obtain or renew a work classification and maximum bidding capacity rating, a prospective bidder shall submit a prequalification statement to the committee, on a form approved by the department. In the prequalification statement, the prospective bidder shall include a description of the prospective bidder's equipment, organization, prior experience, and any suspension or debarment or proposed suspension or debarment by any governmental agency. At its discretion, the committee may request additional information.

In addition to the prospective bidder's prequalification statement, the prospective bidder shall furnish financial documentation in accordance with either of the following:

(1) The prospective bidder may furnish a certification of surety from a bonding firm authorized to do business in this state stating the maximum bonding coverage the surety will issue on the prospective bidder's behalf for both a single contract and for all of the prospective bidder's work including uncompleted contracts; or

(2) The prospective bidder may submit a separate statement of financial position audited by an independent certified public accountant. The opinion page of the audit statement shall include the audit firm's name, address, telephone number, and signature of a member of the firm.

S.D. Admin. R. 70:07:02:04

SL 1975, ch 16; 47 SDR 038, effective 10/6/2020; 49 SDR 047, effective 11/21/2022

General Authority: SDCL 31-5-10.

Law Implemented: SDCL 31-5-10, 31-5-10.1, 31-5-10.2, 31-5-10.3.