§ 20.40.080. Improvement security—Amount.

Security to guarantee the performance of any act or agreement shall be in the following amounts:

A.

An amount determined by the Director of Public Works, not less than one hundred percent (100%) of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement; and

An additional amount determined by the Director of Public Works not less than fifty percent (50%) of the total estimated cost of the improvement or the performance of the required act, securing payment to the contractor, his subcontractors, and to persons furnishing labor, materials, or equipment to them for the improvement or the performance of the required act.

B.

An amount determined by the Director of Public Works necessary for the guarantee and warranty of the work for a period of one (1) year following the completion and acceptance thereof against any defective work or labor done or defective materials furnished.

(Ord. C-5975 § 1 (part), 1983)