The city council shall, from time to time, adopt standard specifications setting forth terms and controls for public project contracts and the bidding and award thereof. The standard specifications must conform to the purposes and intent of this chapter, and must include the following:
A. Bid forms and requirements governing the proper completion thereof by the bidder;
B. Bid security forms and requirements for the use thereof, including forfeiture in certain cases and return to unsuccessful bidders;
C. Faithful performance bond forms and requirements;
D. Payment bond forms and requirements;
E. Labor and material bond forms and requirements;
F. Terms governing the time to complete the contract, extending the time to complete the contract, and liquidated damages; and
G. Terms governing a failure of completion by the contractor, payment of the contractor for work performed in the event of failure, and the completion of the contract in such instance. (Ord. 2024-0010 § 6)