Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE71. PUBLIC BUILDINGS, FACILITIES AND REAL PROPERTY |
PART41. GRANT AGREEMENT PROCEDURES |
§41.120. Construction Bonds
Latest version.
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If the grantee does not have established procedures and contractual provisions requiring construction contractors to provide bonds, CDB may require the grantee to require that its construction contractors obtain a bid bond in the amount of 10% of the bid, a performance bond in the full amount of the bid, and a separate labor and materials payment bond in the full amount of the bid.