§ 2-513. Bid and performance bonds.

(a)

When deemed necessary by the city manager, bid bonds or other equivalent security shall be required and the invitation for bids or request for proposals shall describe the requirements. Unsuccessful bidders or offerors shall be entitled to the return of any cash deposit. Unless a specific extension is granted in writing, a successful bidder or offeror shall forfeit any bid bond or equivalent security required by the city manager upon its failure to enter into a contract within 20 days after the award.

(b)

All contracts for construction, the cost of which exceed the threshold amount as established by city council resolution, shall require a performance bond or other equivalent security.

(c)

Nothing in this section shall be construed to limit the authority of the city to require additional bonds or security.

(Ord. No. 04-10, § 1(3-2-55), 8-17-2004)