The contractor will be required to furnish a bond for the faithful performance of the contract in a sum not less than 100 percent of the total price of the completed work, such bond to be that of an approved surety company, to the satisfaction of the Solicitor. Agents of bonding companies which write bonds for the performance of contract work shall furnish power of attorney, bearing the seal of the company, evidencing such agent’s authority to execute the particular type of bond to be furnished and evidencing also the right of the surety company to do business in the State. A copy of this proof shall be attached to each copy of the contract.
The bond shall be purchased through a surety company with a local agent upon whom service of process can be made.
In the even of failure of surety or co-surety, the contractor shall immediately furnish a new bond, as required herein.
(Ord. 352. Passed 10-22-62.)