(A) When a construction contract is awarded in an amount in excess of $25,000, the following bonds shall be furnished to the city, and shall become binding on the parties upon the award of the contract:
(1) A performance bond satisfactory to the city executed by a surety company authorized to do business in this Commonwealth, or otherwise supplied, satisfactory to the city, in an amount equal to 100% of the contract price as it may be increased; and
(2) A payment bond satisfactory to the city, executed by a surety company authorized to do business in this Commonwealth, or otherwise supplied, satisfactory to the city, for the protection of all persons supplying labor and material to the contractor or his or her subcontractors for the performance of the work provided for in the contract. The bond shall be in an amount equal to 100% of the original contract price.
(B) Nothing in this section shall be construed to limit the authority of the city to require a performance bond or other security in addition to those bonds, or in circumstances other than specified in division (A), including, but not limited to, bonds for the payment of taxes and unemployment insurance premiums.
(Ord. 09-09, passed 10-19-09)