A. 
As required by the city, whenever competitive quotes or bids are required, a bidder shall make a deposit in the form of a certified check or bid bond in an amount equal to not less than five percent of the total bid, which percentage shall be specified in the call for bids. As part of any bid submitted, the bidder shall be required to warrant that the bid is a genuine bid, and that he/she has not entered into collusion with any other bidder or any other person.
B. 
All public works contractors shall furnish a payment and performance bond in an amount equal to the total amount of the contract on a form approved by the city attorney. Such bond shall be filed with the finance director. No contract requiring such bonds shall be valid or binding upon the city until the bonds are delivered to the city. In lieu of a payment and performance bond on contracts less than the dollar threshold provided under RCW 39.08.010, as now enacted or hereafter amended, a contractor may request to have the city accept the percentage allowed by RCW 39.08.010 of the contract retained for a period of 30 days after the date of final acceptance or until receipt of all necessary releases from the Department of Revenue and the Department of Labor and Industries and settlement of any liens filed under Chapter 60.28 RCW, whichever is later. Following the provisions of RCW 39.08.030, the city may, at its option, reduce the amount of a performance bond to not less than 25 percent of the total contract amount for on-call and scheduled maintenance contracts.
(Ord. 129 § 1.01; Ord. 04-18 § 1)
Bonds required under RMC § 3.16.010 shall be conditioned that the contractor shall faithfully perform such contract according to its terms, provisions and stipulations and pay all laborers, mechanics and subcontractors and materialmen and all persons who shall supply the contractor or subcontractor with provisions and supplies for the carrying on of the work, and to comply with all requirements of general laws and of the Charter and ordinances of the city.
(Ord. 129 § 1.02; Ord. 04-18 § 1)
Such bond shall be for the benefit and use of the city and also for the use and benefit of all laborers, mechanics, subcontractors, materialmen and all persons who supply the contractor and subcontractor with provisions and supplies for the carrying on of work. All such persons shall have a right of action in their own names upon the bond, as provided in RCW 39.08.030, upon complying with all the requirements as to notice of RCW 39.08.030, and in the case of persons furnishing materials, supplies or provisions to a subcontractor to be used in carrying on the work, with the provisions of RCW 39.08.065.
(Ord. 129 § 1.03; Ord. 04-18 § 1)