§ 329.21. Bonds  

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  • Each bid shall contain the full name of every person or company interested in the same and shall be accompanied by a bond, certified check or cashier's check on a solvent bank, if required by the bid specifications, as surety that if a bid is accepted a contract will be executed.

    If the bidder submits a bond with his proposal, the bond shall be issued by a guaranty company authorized to do so under the Ohio Revised Code or by a surety who is: (1) a resident of this state; and (2) worth, in the aggregate, double the sum to be secured, beyond the amount of their debts; and (3) have property liable to execution in the state equal to the sum to be secured.

    If a performance bond will be required, the advertisement will state the amount of such bond. Provided, however, that all contracts for public improvements shall require a minimum ten (10) percent bid surety and fifty (50) percent performance bond.

(Ord. 2951-90; Ord. 81-02 § 1 (part).)