Contract Bonds. The Contractor shall furnish three (3) good and sufficient bonds. These bonds shall be in the amount and for the purposes specified below. They shall be surety bonds issued by corporations duly and legally licensed to transact business in the State of California. They shall be issued at the expense of the Contractor, and shall be maintained by him at his expense during the entire life of the Contract. The City shall determine the acceptability of all proposed surety companies. 2-3.01 Performance One (1) bond shall be in the amount of one hundred percent (100%) of the Contract Price and shall guarantee faithful performance of the Contract and insure the City during the life of the Contract.
Appears in 3 contracts
Sources: Contract Documents, Contract Documents, Construction Contract