(65 ILCS 5/9-2-111)
(from Ch. 24, par. 9-2-111)
Except as otherwise provided in Section 9-2-113, if the
owners or 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 board of local improvements may give them, the board 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, contracting owners included, at the time of executing
any contract for such public work, shall execute a bond to the satisfaction
and approval of the board of local improvements of the municipality, in
such sum as the board 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: Laws 1961, p. 576.)