(a) The contractor shall guarantee all materials and workmanship furnished and used in the improvement for a period of at least two years. Prior to releasing the performance bond, the contractor shall provide a maintenance bond to Council in the amount of ten percent (10%) of the total cost of the contract, unless, for good cause, a greater or lesser amount is recommended by the Engineer and approved by the Council.
(b) If the contractor fails to perform the maintenance as required by the guaranty, Council will authorize the Village Engineer to have the work performed. The cost of this work will be deducted from the maintenance bond. The contractor will be held liable for any expenditures in excess of the maintenance bond.
(c) After all maintenance work has been completed to the satisfaction of the Engineer, and after the expiration of the two-year guaranty period, Council will return the maintenance bond or that portion remaining to the contractor.
(Ord. 05-109. Passed 4-21-05.)
(Ord. 05-109. Passed 4-21-05.)