§ 1:709. Bonding requirements.

(a)

Bid bonds and surety bonds may be required as provided by state statutes. If such bonds are required, failure to provide same shall result in rejection of the bid as provided by law.

(b)

Bid bonds and surety bonds are not normally required for the purchase of materials and supplies or for services, but may be required in certain cases such as specialized items, extremely large purchases, or situations where an extended performance guarantee is required.

(c)

Bid bonds and surety bonds are required for all public works bids exceeding the sum of twenty-five thousand dollars ($25,000.00). Bid bonds shall normally be five (5) percent of the price bid. Surety bonds shall be for one hundred (100) percent of the contract price. Bonds may be in the form of bid bond or surety bond written by an acceptable surety or insurance company as required by law, or in the form of a cashier's check or certified check.

(Ord. No. 16935, § 1, 11-28-18)