Title 07 Finance
Chapter 07.06 Procurement of Goods, Services and Works
Article V. Bid Security and Performance Bonds
Section 07.06.320 Performance and Payment Bonds - Public Works
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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.
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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
