(a) The bidder whose proposal is accepted shall enter into a written contract for the performance of the work within seven days after notice of such acceptance by the City and shall simultaneously with it deliver an executed performance bond in the penal amount of 100 percent of the full bid price.
(b) This bond shall be satisfactory to the Director as to sufficiency and to the Director of Law as to form, and shall have as surety thereon a company, authorized under the laws of the State of Ohio to do business in the State, and who has a local agent in the State. (Ord. 35-69. Passed 8-4-69.)