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)
