§ 2-456. Payment and performance bond; bid bond.  


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  • (a) Any person, company or corporation entering into a contract with the city for construction services related to municipal public works, public property or publicly owned buildings as defined in section 2-455 shall be required, before commencing the work, to execute, deliver to the city, and record in the public records of the county, a payment and performance bond with a surety insurer authorized to do business in this state as surety; said bond shall comply with the requirements of F.S. § 255.05, and shall be on a standard form provided by the city. At the discretion of the city, any person entering into such a contract which is for two hundred thousand dollars ($200,000.00) or less may be exempted from executing the payment and performance bond.

    (b) In lieu of the bond required by this section, a contractor may file with the city an alternative form of security in the form of cash, a money order, a certified check, a cashier's check, or an irrevocable letter of credit.

    (c) In lieu of a bid bond required by the competitive sealed bidding process, a contractor may file with the city an alternative form of security in the form of cash, a money order, a certified check, a cashier's check, or an irrevocable letter of credit.

(Ord. No. 95-01, § 1, 2-21-95; Ord. No. 2000-16, § 1, 9-19-00; Ord. No. 2011-32, § 1, 12-20-11; Ord. No. 2013-17, § 1, 11-5-13)