(A) Liability insurance. The contractor shall procure and maintain, at the contractor’s expense, during the construction period, contractor’s liability insurance in accordance with the supplementary conditions to the general conditions of the Montana Public Works Standard Specifications.
(B) Bonding.
(1) The property owner/developer will provide the city with a performance bond equal to the value of the project for all public infrastructure construction required by a subdivision, development or phased development.
(2) All construction work within the public right-of-way or easement (sidewalk and curb construction, storm drainage and sanitary sewer service line installation, repair and the like) will require the property owner/contractor to provide the city with a performance bond.
(3) Upon written acceptance of the project by the city, the property owner/developer will be required to provide the city with a maintenance bond of 10% of the value of the work performed.
(a) The maintenance bond shall remain in full force throughout the one-year guarantee period.
(b) Contractors furnishing the city with an annual bond of $5,000 will not be required to furnish additional bonding if the $5,000 bond meets the requirements of these standards.
(c) Bonds may be in the form of a surety bond, a certificate of deposit (CD), a certified check or an irrevocable letter of credit issued by a bank licensed to do business in the state.
(Prior Code, § 11.05.010.060) (Ord. 2019-9, passed 9-3-2019; Ord. 2021-15, passed 12-20-2021)