§ 9.154.060. Improvement agreement; amounts.

Improvement security shall be for the following amounts unless otherwise stated in this part:

(1)

Faithful performance bond. An amount estimated by the City Engineer to be equal to 100 percent of the total estimated cost of the improvement or performance of the required act. Faithful performance shall include the guarantee and warranty of the work for a period of one year following completion and acceptance thereof, against any defective work or labor done, or defective materials furnished.

(2)

Labor and material bond. An amount estimated by the City to be equal to 100 percent of the cost of the improvements covered by the security, securing payment to contractors and subcontractors and to all persons renting equipment or furnishing labor or materials to them.

(Ord. No. 297, § 9.07.090.070, 3-20-2007)