15.20.090 Performance and payment guarantee.
A performance and payment guarantee in the amount of 100 percent of the approved estimated cost of construction shall be provided to the City prior to issuance of the permit. The performance and payment guarantee shall ensure completion of the work in conformance with the approved drawings and specifications and payment of all bills and liabilities for work and materials, including the preparation of record drawings. The performance and payment guarantee shall be one of the following:
(1) A performance and payment bond referencing the approved drawings, specifications, and permit requirements; or
(2) Written evidence in a form and of a content approved in writing by the City Attorney guaranteeing completion of the work to the City in conformance with the approved drawings, specifications, and other permit provisions, and payment of all billings and liabilities for work and materials, including the preparation of record drawings. The period of validity of the guarantee shall be for the duration of construction until written acceptance of the public improvement by the City. (Ord. 141 (Exh. A § 9), passed 12-11-2018)