The following bonds are authority at the discretion of the Purchasing Agent. A bid bond in the amount of 5% of the bid shall be required for all service bids. This bond shall be submitted in the form of a bond or certified check. A performance bond in the amount of 100% of the proposed service bid shall be required of all successful bidders before entering into a contract. If such bond is not provided within 15 days of the award of such bid, the award shall be void. The contractor shall furnish such other bonds or insurance as may be required by law, the city or specifications. The amounts and types of these bonds and insurance shall be set forth in the bid specifications, except when expressly waived by the City Council. Bonds shall be returned to unsuccessful bidders within five days of a contract award.
(Ord. 193, passed 4-3-91)