Contract Bonds. At the time this contract is executed, Contractor shall provide the payment and performance bonds. The performance bond shall guarantee the faithful performance of the contract by the Contractor and shall be in the amount of one hundred percent (100%) of the contract price. The payment bond shall secure the payment of the claims of subcontractors, materialmen and employees, shall contain all other provisions required by law, and shall be in a sum equal to at 100% of the contract price as provided in Section 9554 of the Civil Code. Whenever the City Manager has cause to believe that the surety has become insufficient, he may demand in writing of Contractor further bonds or additional surety.
Appears in 4 contracts
Samples: Contract for Sewer Inspection Services, Contract for Sidewalk and Driveway Concrete Repairs, Contract for Generator Installation
