Within the period of time specified in the bid notices, not to exceed sixty (60) days, a contract embodying the terms set forth in the bidding documents shall be executed by the city and the successful bidder. The following shall be provided by the contractor to the city.
A. A bond complying with the provisions of 61 Oklahoma Statutes section 1;
B. A good and sufficient bond in a sum equal to the contract price, with adequate surety, to insure the proper and prompt completion of the work in accordance with the provisions of the contract and bidding documents;
C. A good and sufficient bond in a sum equal to the contract price to protect the city against defective workmanship and materials for a period of one year after acceptance of the project; and
D. Public liability and workers' compensation insurance during construction in reasonable amounts. The city may require the contractor to name the city and its architects and/or engineers as an additional assured under the public liability insurance, which requirement, if made, shall be specifically set forth in the bidding documents. (1985 Code § 7-318; amd. 2003 Code)