Title 07 Finance
Chapter 07.06 Procurement of Goods, Services and Works
Article V. Bid Security and Performance Bonds
When Required – Amounts.
Except as provided by state law, when a Public Works contract is awarded, a performance and payment bond(s) satisfactory to the City and executed by a surety company authorized to do business in the state of Washington, or otherwise secured in a manner satisfactory to the City, in an amount equal to one hundred percent (100%) or more of the price specified in the contract, must be delivered to the City to become binding on the parties upon the execution of the contract.
Authority to Require Additional Bonds.
Nothing in this section limits the authority of the City to require a performance bond or other security in addition to the aforementioned bonds, or in circumstances other than specified in subsection (A) of this section.
Date Passed: Monday, March 12, 2018
Effective Date: Saturday, April 21, 2018
ORD C35602 Section 2