§ 4.08.140. Bonds or security required when.

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All such contracts or purchase orders shall require adequate security for the faithful performance of the contract in a form approved by the city attorney. In addition to a faithful performance bond or other security, contractors who furnish both labor and material shall furnish a contractor's bond satisfactory to the city in an amount not less than 50 percent of the value of the contract. The director of finance may waive the requirement of a faithful performance bond when in his opinion such waiver will not be detrimental to the city.

(Ord. 6899 § 2 (part), 2002: Ord. 5068 § 3.09, 1972)

                    
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