(55 ILCS 5/5-32037) (from Ch. 34, par. 5-32037)
Sec. 5-32037.
Bonds of successful bidders.
The successful bidder for the construction of such an improvement shall
be required to enter into bond in a sum equal to 100% of the amount of his
bid with sureties to be approved by the Committee. This bond shall be filed
with the Committee. When entering into the contract for the construction of
an improvement the bond shall provide that the contractor shall well and
faithfully perform and execute the work in all respects according to the
complete and detailed specifications, and full and complete drawings,
profiles and models therefor, and according to the time and terms and
conditions of the contract, and also that the bidder and contractor shall
promptly pay all debts incurred by him in the prosecution of the work,
including those for labor and material furnished. Suit may be brought on
the bond in case of default, or failure to pay these debts promptly, by and
in the name of the county for all damages sustained either by the county or
by any person interested or for the damages sustained by the county and all
parties in interest, or by any beneficiary or party interested, in the name
of the county for the use of the party interested as beneficial plaintiff,
to recover for the labor and materials furnished. However, in no case shall
costs be adjudged against the county in any suit brought by any party in
interest wherein the county is the nominal but not the beneficial
plaintiff.
In advertising for bids or proposal for the construction of such an
improvement, the Committee shall give notice that such a bond will be
required, and all bids or proposals shall contain an offer to furnish such
a bond upon the acceptance of such bid or proposal.
(Source: P.A. 86-962.)
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