[Adopted 3-6-1978 by Ord. No. 760 (Ch. I, Secs. 134 to 138, of the 1962 Code)]
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.