A. The type and amount of any bond(s) required should be included in the specifications provided as part of any invitation to bid or request for proposal released by the County. In addition to any bond(s) required under Federal, State or local law or rule, the County should consider requiring performance bonds as part of contracts for operational services, professional services and architect-engineer services. The County should consider requiring the following bonds in amounts determined by the County to properly protect the County:
1. A bid bond in an amount commensurate with the cost to the County if a bidder withdraws a bid after opening of bids up to the full amount of the bid for all sealed bids for construction or repair contracts and capital equipment purchases. It is recommended that the bid bond is five percent (5%) of the total bid.
2. A performance bond up to the full cost of the contract for all construction and repair contracts.
3. A payment bond commensurate with the payments to be made to all subcontractors at all levels, vendors and providers up to the full amount of the contract for all construction and repair contracts.
B. The County may at its sole discretion accept other forms of protection in place of bonds such as letters of credit, escrow accounts or collateral agreements.
C. The County may at its sole discretion waive the requirement of a bid, performance or payment bond for circumstances in which the Procurement Officer considers any or all of the bonds to be unnecessary to protect the procurement item. (Ord. O-2016-7, 8-8-2016)