The contract shall specify the time within which the supplies or services shall be furnished to the City and may provide for liquidated damages for failure to comply. The City may extend such time for acts of the City, acts of God, weather, strikes, or other circumstances over which the contractor has no control.
(Prior code § 3-115)
Whenever the City deems it advisable, a performance bond and/or labor and materials bond may be required on any contract in an amount up to 100 percent of the contract price for each bond. Such bonds shall be approved by the City Finance Director.
(Prior code § 3-116)
In case of the failure on the part of the contractor to complete the contract within the time specified in the contract or within any extension of such time as herein provided, the contract may be terminated and the contractor shall not be paid or allowed any further compensation for any work done under such contract. The City may proceed to complete such contract either by reletting or otherwise, and the contractor and the surety, if any, shall be jointly and severally liable to the City for all loss or damage which the City may suffer on account of the failure to complete the contract on time.
(Prior code § 3-117)