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ARTICLE 15 <br />CONTRACTS <br />PB,PB,PWB. <br />15.1 <br />ERFORMANCE ONDSAYMENT ONDS AND UBLICORKS ONDS <br />15.1 .1 SAMRB. <br /> The Solicitation Agent may require <br />OLICITATION GENT AYEQUIRE ONDS <br />good and sufficient performance and payment bonds even though the contract is of a <br />class that is exempt from the requirement under these regulations. <br />15.1 .2 PB. <br />ERFORMANCE ONDS <br />15.1 .2 .1 General. <br /> Except as otherwise provided in these regulations, all Public Contracts <br />are exempt from the requirement for the furnishing of a performance bond. <br />15.1 .2 .2 Contracts Involving Public Improvements. <br /> Prior to executing a contract for <br />more than $50,000 that includes the construction of a Public Improvement, the <br />contractor must deliver a performance bond in an amount equal to the full <br />Contract Price conditioned on the faithful performance of the contract in <br />accordance with the plans, Specifications and conditions of the contract. The <br />performance bond must be solely for the protection of the city and any public <br />agency that is providing funding for the project for which the contract was <br />awarded. <br />15.1 .2 .3 Cash-In-Lieu. <br /> The Purchasing Agent may permit the successful Offeror to <br />submit a cashier’s check or certified check in lieu of all or a portion of the <br />required performance bond. <br />15.1 .3PB. <br />AYMENT ONDS <br />15.1 .3 .1 General. <br /> Except as otherwise provided in these regulations, all Public <br />Contracts are exempt from the requirement for the furnishing of a payment <br />bond. <br />15.1 .3 .2 Contracts Involving Public Improvements. <br /> Prior to executing a contract for <br />more than $50,000 that includes the construction of a Public Improvement, the <br />contractor must deliver a payment bond equal to the full Contract Price, solely <br />for the protection of claimants under ORS 279C.600. <br />15.1 .3 .3 Liability of City and Employees When Payment Bond Not Executed. <br /> (ORS <br />279C.625). The city and the officers authorizing the contract shall be jointly <br />liable for the labor and materials used in the performance of any work under the <br />contract and for claims due the Industrial Accident Fund, the Unemployment <br />Compensation Trust Fund and the Department of Revenue, if: <br />Article 15 ContractsPage 67 <br />Exhibit A to Administrative Order No. 44-08-06-F <br /> <br />