In case the work is let to the lowest and best responsible bidder, all bids submitted
for the construction of an improvement shall be accompanied by a certified check or
a suitable bond, with at least two (2) good and solvent sureties, who are citizens
or residents of the city or town where the improvement is to be done; or in lieu
of personal sureties, the bond of some surety company authorized to do business in
this state may be given in a penal sum of at least ten percent (10%) of the entire
cost of the work to be done or improvements to be made, computed on the basis of the
bid submitted, and conditioned that the contractors named in the bid shall, in case
the work is awarded to them, enter into a contract with the city or town within the
time required and for the price named in their respective bids, and in accordance
with the plans and specifications of the municipality and the ordinance providing
for the improvement.
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