True or False: The selected bidder must meet the experience requirements stated in the IFB for contracts over $50,000.

The statement is true because when a public agency issues an Invitation for Bids (IFB) for contracts over a specified amount, such as $50,000, it typically includes experience requirements that bidders must meet to ensure they have the necessary qualifications and capability to successfully complete the project. These requirements are put in place to protect public interest by ensuring that only qualified contractors are considered for the job. Meeting these experience prerequisites helps to mitigate risks associated with inadequately experienced contractors, which could lead to project delays, substandard work, or cost overruns. Thus, it is standard practice that the selected bidder must fulfill all outlined experience requirements in the IFB in order to be considered compliant and eligible for the contract award.