(55 ILCS 5/5-32042) (from Ch. 34, par. 5-32042)
Sec. 5-32042.
Failure to complete work under contract within time
provided; performance bond. If the contractors, who may have taken any
contract, do not complete the work within the time mentioned in the
contract, or within such further time as the Committee may give them, the
Committee may relet the unfinished portions of that work, after pursuing
the formalities prescribed hereinbefore for the letting of the whole in the
first instance.
All contractors at the time of executing any contract for such public
work, shall execute a bond to the satisfaction and approval of the
Committee of the county in such a sum as the Committee deems adequate,
conditioned for the faithful performance of the contract. The sureties
shall justify, before some person competent to administer an oath, in
double the amount mentioned in that bond, over and above all statutory
exemptions.
(Source: P.A. 86-962.)
|