(65 ILCS 5/9-2-104) (from Ch. 24, par. 9-2-104)
Sec. 9-2-104.
Except as otherwise provided in Section 9-2-113, the
successful bidder for the construction of such an improvement shall be
required to enter into bond in a sum equal to one-third of the amount of
his bid with sureties to be approved by the president of the board of local
improvements. This bond shall be filed with the board of local
improvements, or where there is no board of local improvements, with the
municipal clerk. 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 materials 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 municipality for all
damages sustained either by the municipality, or by any person interested
or for the damages sustained by the municipality and all parties in
interest, or by any beneficiary or party interested, in the name of the
municipality 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 municipality in any suit brought by any party
in interest wherein the municipality is the nominal, but not the
beneficial, plaintiff.
In advertising for bids or proposals for the construction of such an
improvement, the board of local improvements 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 a bid or proposal.
(Source: Laws 1961, p. 576.)
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