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A. Performance and Payment Bonds. Prior to entering any contract, the City may require performance and payment bonds to be provided in such form and amounts as required by law and by the City as reasonably necessary to protect the best interest of the City.
B. Bid Security. Contracts for construction projects may require a bid security in an amount equal to at least five percent of the amount of the bid. (Ord. 2020-01, 4-14-2020)