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Once an award is made on a bid, the awarded bidder may be required to submit a performance bond.  The bidder has 10 days from the date of award to provide a performance bond to the City or county.  A performance bond covers 100% of the price submitted in the bid and replaces the bid bond upon award of the contract. 

A performance bond is a written guarantee from a surety company that a bidder has the appropriate equipment and personnel to do the work required on the bid.  In the event that the bidder fails in the full performance of the contract, a performance bond ensures payment of a sum of money for monetary loss caused by the failure to perform, up to the full amount of the performance bond.