All contracts for goods and services with the
Borough in excess of $2,000 shall have a bond or other good security
acceptable to the Solicitor.
[Amended 2-2-1987 by Ord. No. 910]
Said bond shall be of sufficient surety in the
amount up to 50% of the amount of the liability for the goods and
services contracted for, the amount to be determined by Borough Council
or the Borough Manager.
Borough Council may for good cause specifically
exempt certain contracts from the requirement of said bond, except
in those cases where bond is required by the Borough Code.
This requirement of a bond or other good security
on contracts shall also apply to contracts for emergency repairs,
goods or services unless exempted by Council.
[Added 2-2-1987 by Ord. No. 910]
Any person, copartnership, association, or corporation
entering into a contract with the Borough for the construction, erection,
installation, completion, alteration, repair of or addition to any
public work or improvement of any kind whatsoever where the amount
of such contract is in excess of $1,500, before commencing work under
such contract, shall execute and deliver to the Borough an additional
bond for the use of any and every person, copartnership, association,
or corporation interested, in a sum of 100% of the contract price
conditioned for the prompt payment of all material furnished and labor
supplied or performed in the prosecution of the work.