Except when waived or modified by the City Council, for public improvement contracts of $50,000 or more, bids shall be accompanied by proper bid security in an amount not less than 10% of the contractor’s bid price which shall be retained by the city in the event the bidder who is awarded the contract fails to promptly and properly execute the contract. Performance and payment bonds shall be required in accordance with O.R.S. 279C.375 and 279C.380.
(Prior Code, § 32.21) (Ord. 324, passed 5-11-1987; Ord. 397, passed 2-14-2005)