168.07 PROPOSAL GUARANTY.

   Each proposal shall be accompanied by a certified check on a solvent bank in the County, made payable only to the City, with no restrictions thereon, in an amount not less than ten percent of the total amount of the proposal, or, in lieu of such a check, a bid bond, in favor of the City, in an amount not less than ten percent of the total amount of the proposal. All sureties issuing bid bonds shall be duly authorized and qualified to do business in the State and must, upon request of the Law Director, furnish a certificate of authority and compliance from the office of the State Superintendent of Insurance. The certified check or bid bond shall be furnished as surety that, if the proposal is accepted, a contract will be entered into and the performance of such contract properly secured within ten days from the date of notice to the bidder of the award of the contract.

(Ord. 1996-119. Passed 6-17-96.)