(70 ILCS 2805/81) (from Ch. 42, par. 447.45)
Sec. 81.
Bond of contractor and suit on bond.
Except as otherwise provided in Section 9-2-113 of the
Illinois Municipal Code, as now or hereafter amended, the successful bidder
for the construction of such an improvement shall be required to
enter into a performance and labor and materials 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 district's clerk and shall be deemed to contain the
provisions set forth in Section 1 of "An Act in relation to bonds of
contractors entering into contracts for public construction", approved June
20, 1931, as now or hereafter amended. 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 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 district for all damages sustained either by the
district or by any person interested, or for the damages
sustained by the district and all parties in interest or
by any beneficiary or party interested in the name of the
district 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
district in any suit brought by any party in interest
wherein the district is the nominal, but not the beneficial,
plaintiff.
In advertising for bids or proposals 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 be deemed to contain an offer to furnish
such a bond upon the acceptance of such a bid or proposal.
(Source: P.A. 85-1137.)
|