A. When a contract for the construction of a public improvement is awarded in excess of fifty thousand dollars ($50,000.00), the following bonds or security shall be delivered to the Village and shall become binding on the parties upon the execution of the contract:
1. A performance bond satisfactory to the Village, executed by a surety company authorized to do business in the State or otherwise secured in a manner satisfactory to the Village, in an amount equal to one hundred percent (100%) of the price specified in the contract.
2. A payment bond satisfactory to the Village, executed by a surety company authorized to do business in the State or otherwise secured in a manner satisfactory to the Village, for the protection of all persons supplying labor and materials to the contractor or its subcontractors for the performance of the work provided in the contract. The bond shall be in an amount equal to one hundred percent (100%) of the price specified in the contract. (Ord. 2017-59, 11-2-2017)
B. Nothing in this section shall be construed to limit the authority of the Village to require a performance bond or other security in addition to those bonds or in circumstances other than specified in subsection A of this section. (Prior ord.)