(a) Within five days after receiving notice of an award and before entering into a contract the successful bidder will be required to furnish a performance bond to the Village in the full amount of the contract, which binds the surety whether or not it receives notice of the award of the contract, the condition of which bond shall be the full and complete execution and performance of all of the terms contained in the contract documents.
(b) The bond shall be subject to the approval of the Village as to sufficiency and form, and the company issuing the performance bond and the sureties thereof must 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.
(c) Such bond shall not be released until all provisions of the contract have been fulfilled.
(Ord. 1994-10-42. Passed 10-5-94.)