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accompanied by a bid bond from a surety company selected by the <br />• bidder which is legally authorized to do business in the state, as <br />a guarantee that if the contract is awarded to such bidder, that <br />bidder will enter into the contract for the work bid. The amount <br />of the bid bond shall not exceed five (5) percent of the amount <br />bid. <br />(bb) In the discretion of the purchasing agent bidders may be <br />bid reasonably iustifies a requirement of performance and payment <br />fh+ LL No forfeiture under a bid bond shall exceed the <br />lesser of: <br />(1) <br />The <br />difference <br />between the bid for which the bond <br />was <br />written and <br />the next low bid; and <br />(2) <br />The <br />face amount <br />of the bid bond. <br />Sec. 22-74. Same - Nonconstruction contracts. <br />(a) For contracts other than construction contracts, valued <br />• over one hundred thousand dollars <br />($100.000.001, bidders shall be required to submit with their bid <br />a bid bond in the amount of five (5) percent of the amount bid, <br />unless such bid bond is waived in the invitation to bid or request <br />for proposal. Such bid bond shall be forfeited to the city as <br />liquidated damages upon the bidder's failure to execute a contract <br />within thirty (30) days after receiving an award or upon the <br />bidder's failure to furnish any required performance or payment <br />bonds in connection with the awarded contract. <br />(b) In the discretion of the purchasing agent, bidders may be <br />required to submit bid bonds with nonconstruction contract bids of <br />ten-�►c3-�e��ara-{$3O flOENflE�} one hundred thousand dollars <br />($100.000.001 or less, provided i if notice of the requirement is <br />included in the invitation to bid or request for proposal. and (ii) <br />if the City's experience and the surrounding circumstances <br />including the nature and size of the contract being bid. reasonably <br />Justifies a requirement of performance and payment bonds. Any such <br />bid bonds shall be treated in the same manner as described in <br />subsection (a) of this section. <br />2. This ordinance shall apply to all projects for which bid <br />documents are issued or released after November 16, 1992. <br />Approved by CouncilA�— <br />ID November 16, 1992 1 rk o ity C� o <br />