IB-10. Bidder's Bond
Each proposal shall be accompanied by a bond running to the City of Fargo. Such bond may be enclosed in the sealed envelope with the bidding documents. The amount of the bond shall be at least 5% of the amount of the bid. Said bond shall be executed by the bidder or contractor as principal and a surety company authorized to do business in the State of North Dakota as surety or by two or more freeholders who are residents of the State. If said bond is executed by individuals or sureties, such sureties must attach to such bond a certificate of justification showing that they are worth in the aggregate in property within this State a sum equal to twice the penalty of the bond over and above their exemptions. The condition of this bond shall be that if the principal's bid is accepted, and the contract for the improvement awarded to him, he within ten days or such other time as the Fargo City Commission shall grant, will enter into and execute a contract bond in the full amount of the bid in accordance with IB-12.