§ 2-667. Contract performance and payment bonds.

(a)

When required; amounts; certificate prior to receiving progress, or final payment. Before any construction contract exceeding $100,000.00 is awarded to any person, the following bonds, which shall become binding upon the parties upon the award of the contract to such person (hereinafter designated as "contractor"), shall be furnished to the county:

(1)

A performance bond executed by a surety company authorized to do business in this state, or by other form of surety, either of which is satisfactory to the county, in the amount equal to 100 percent of the contract price as it may be increased or decreased.

(2)

A payment bond executed by a surety company authorized to do business in this state, or otherwise supplied, satisfactory to the county for the protection of all persons supplying labor and materials to the contractor or his subcontractors for the performance of the work provided for in the contract. The bond shall be in the amount of 100 percent of the total of the contract price as it may be increased or decreased.

(b)

Authority to require additional bonds. Nothing in this section shall be construed to limit the authority of the county to require a bid performance bond or other security in addition to the aforementioned bonds, to the circumstances specified in subsection (a).

(Ord. No. O-08-5-101, § 2(Exh. A), 6-23-08)