5.54.260 Construction and warranty bond.
A. Unless otherwise provided in a franchise, or where a standing bond in an amount and format agreeable to the public works director has been retained by a grantee, a bond written by a surety acceptable to the city in the amount by the city’s construction design standards shall be deposited before construction is commenced.
B. The construction bond shall remain in force until sixty days after substantial completion of the work, as determined by the public works director, including restoration of public ways and other property affected by the construction.
C. The construction bond shall guarantee, to the satisfaction of the city:
1. Timely completion of construction;
2. Construction in compliance with applicable plans, permits, technical codes and standards;
3. Proper location of the facilities as specified by the city;
4. Restoration of the public ways and other property affected by the construction;
5. The submission of as-built drawings after completion of the work as required by this chapter; and
6. Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work.
D. A warranty bond is required during the warranty period to ensure adequate funds for the city to perform the necessary warranty work should grantee not do so for improvements against any defective work or labor done or defective materials used in the performance of the improvements throughout the warranty period. The warranty period shall be for two years following completion and acceptance of the improvements unless a longer warranty period is required by the public works director. This security shall be consistent with the amount determined in the city’s construction design standards and shall be posted prior to the release of the construction bond. Such bond will be released by the city consistent with the requirements of the city’s construction design standards. (Ord. 009/2022 § 3 (Exh. A))