Contracts in excess of five hundred dollars.
Section 31
SEC. 31. Contracts in excess of five hundred dollars.—Every contract exceeding in amount the sum of five hundred dollars, for work, materials, or supplies, shall be let by the Board to the lowest responsible bidder: Provided, That the Board may, in its discretion, reject any and all bids, and if such bids are too high may purchase the material, hire the laborers, and supervise the work. Bonds, to be approved by the Board, shall be taken for the faithful performance of contracts; all such contracts shall be executed in triplicate by the Board and by the contractor; one original copy so executed shall be kept and filed in the office of the Board, one shall be filed in the office of the Auditor for the Philippine Archipelago, and the third shall be given to the contractor. Every contract for a sum greater than five hundred dollars shall be signed by the president of the Board and the secretary under the corporate seal.