(A) The Fiscal Court may at its discretion require a performance bond in the form of a surety bond, letter of credit, certified check or other guarantee from vendors, accepting liability and guaranteeing that the bidder will not withdraw the bid, as stated in the specifications of the invitation for bids or the invitation for proposals.
(B) Every contractor to whom it is proposed to award a contract for construction services costing more than $25,000 shall provide, prior to the commencement of the delivery of goods or services under such a contract, security to the Fiscal Court as obligee in a penal sum equal to 100% of the estimated contract price.
(C) Regardless of the form of security, in no case shall the aggregate security for the completion of the project be less than 100% of the contract price.
(D) The County Judge/Executive, or his or her designee, with the advice and consent of the County Attorney, shall be the final arbiter of whether the security is adequate.
(Ord. 120.9, passed 8-24-99; Am. Ord. 121.42, passed 10-27-20)