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Board debates purchasing a ~$1,650 performance bond for Cold Storage Highway Building
Summary
The board discussed buying a performance bond for approximately 3% of the Cold Storage Highway Building project (project cost ~ $55,000) after a $6,000 deposit was paid; members agreed to wait to see vendor arrival before deciding.
At the start of new business, the chair read a motion to purchase a performance bond equal to approximately 3 percent of the Cold Storage Highway Building project cost. The chair said the project cost is roughly $55,000 and "the estimated cost of the performance bond would be approximately $1,650." Board members expressed concern about paying large deposits before work begins and discussed vendor references; they agreed to wait until the vendor arrives next week before deciding whether to buy the bond.
The chair noted the vendor is out-of-state and unfamiliar to the town, while the contractor had offered a revised payment schedule with smaller interim deposits. The board did not take action on the bond purchase at the meeting and left the item open for follow-up.
