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emo <br />To: JK Landscape Construction LLC <br />Date: March 13th, 2023 <br />Re: Bid Bond Request for: City Of Elk River <br />Letting Date: March 15th, 2023 <br />Maintenance Bond Rates <br />Please review your project specs/contract documents carefully. If the <br />specs/contract documents require that the project be covered for a one (1) year <br />period, this would automatically be included in the bond premium. However, if a <br />longer warranty period is required, the following warranty rate structure would be <br />used in addition to the bond premium: <br />•$2.50 per thousand — First $100,000 of contract price (per year of the <br />contract) <br />•$2.25 per thousand — Next $400,OOQ of contract price (per year of the <br />contract) <br />•$2.00 per thousand — Balance of contract price (per year of the <br />contract) <br />Please be sure to contact our office if the specifications call for maintenance <br />period longer than two years. <br />