STATUTORY WARRANTY AND BUILDING AND PERFORMANCE STANDARDS. The following words and terms when used in this Section shall have the following meanings, unless the context clearly indicates otherwise.
Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.