(A) Sureties, including bonds, may be required for contract by law or when CRD finds such surety is required or in the public interest.
(B) The surety shall be in such amount as prescribed by law, or deemed adequate to:
(1) Ensure performance of the contract in the time and manner prescribed in the contract; and
(2) Assure payment is made for labor or material used or reasonably required for use in the performance of the contract.
(Res. MET 19-03, passed 3-20-2019)