Before the final estimate is paid, the contractor must furnish a one-year guarantee secured by a separate approval bond from a compensated, responsible surety company in an amount equal to ten percent of the total cost of the work done as shown by the final estimate. The condition of such bond shall be that if any such improvement, work done or material furnished requires repairs or replacements during a period of two years following final acceptance by the Municipality, the contractor will make such repairs or replacements at his or her own expense and within a reasonable time after notification by the Municipality or the City Engineer. If the contractor fails to undertake such repairs or replacements within five days after receiving notice in writing to do so, the Municipality may have such work done at the expense of the contractor and shall have a right of action for the full amount thereof against such surety company.
(Ord. 2705. Passed 3-16-60.)