Chapter 3.12
BOND PROCEDURES
Sections:
3.12.010 Contracts and materials – Bond required.
3.12.010 Contracts and materials – Bond required.
Whenever the town council or the body acting for the town, or a district created under its authority, contracts with any person or persons or corporation, to do any work or furnish any material for the town or a district created under its authority, it shall require the person or persons or corporation with whom such contract is made, to make, execute and deliver to such council or body a good and sufficient bond, with two or more sureties, or with a surety company as surety, conditioned that such person or persons or corporation shall faithfully perform all the provisions of such contract and pay all laborers, mechanics or subcontractors and material men, and all persons or corporations who shall supply such person or persons or corporation or subcontractors, with provisions or supplies for the carrying on of such work, and all just debts, dues and demands incurred in the performance of such work, which bond shall be filed with the clerk of the town, and any person or persons or corporation performing such services or furnishing material to any subcontractor shall have the same right under the provision of such bond as if such work, services or material was furnished to the original contractor. (Ord. 30 § 1, 1910).
3.12.020 Amount of bond.
The bond mentioned in Section 3.12.010 shall be in amount equal to double the full amount of the contract price and shall run to the town and be payable to the town and for the benefit of all persons as provided by the laws of the state. (Ord. 30 § 2, 1910).