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For $1M, 2 bids are better; 3 better yet (access required)

I live in a 125-unit condominium. Recently, our board of directors signed a contract for almost $1 million to upgrade our elevators. I believe that the board did not get any bids and just went with one company. Is there any law requiring more than one bid on any one job, especially one as large as this? – Henry

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