1. (a) A BTLA ordered revaluation or partial update contract shall contain a performance bond statement as follows:

   "The contractor, before starting any revaluation or partial update work, shall deliver an executed bond or irrevocable letter of credit in favor of the municipality with which it is contracting to assure faithful and satisfactory performance of the contract, and provide a copy to the DRA. The amount of such bond or letter of credit shall be no less than the amount of the compensation to be paid by the municipality to the contractor for services to be performed pursuant to Rev 602, and shall not expire before final values are submitted to and accepted by the assessing officials in accordance with Rev 602.03."

2. (b) In the event the BTLA ordered revaluation or partial update contract provides that the municipality shall make no payment until completion of the contract provided in Rev 602.03, no performance bond shall be required.
3. (c) All other revaluation or partial update contracts shall contain a statement pertaining to the performance bond that may be required by the municipality.
4. (d) Any contractor who is a party to a contract in (a) or (c), above, shall comply with the performance bond requirements specified in (a) above, or inserted pursuant to (c) above, as applicable.

Source. (See Revision Note #1 at chapter heading for Rev 600) #10581, eff 5-1-14; ss by #13916, eff 3-28-24 (see Revision Note #2 at chapter heading for Rev 600)