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2. A payment bond 'in the sum of the contract amount. such bond shall be for the prouecu~on of claimants who have fulfilled contracts to supply labor or materials to the prime contractor to %~iqom the contract was awarded, or to any subcontractors, in the prosecution of the work provided for ~- be in such contract~ ~nd s=.a!t conditioned upon the prompt pa~ent for all such material furnished or labor supplied or ~ u~ p~cu~mon of the work. ' S" performea in ~ .~ -~' "Labor or material shall ln~lu~' ~' m~~o_~ ~ ~ nti!i%y 'services and reasonable .ran%als of equipment, ~e ~ ~ ~ _ ~_ o~y for per=oas when %he equipment rented is actual!~- used ~ ~ site. E~eh such bond shall be executed by one or more surety companmes ~ m~ the contractor which are legally authorized to do businessmmv- '~_n_a.~ Such bonds shall be payable %o the City of ~ ..... ~n Such bonds may be required for construction contracts of Dollars or t~en%y-five Thousand [_e25,QOO.) '' ' less in the dis- cre~ion of the purchasing Section i!-!26~ ~+~rnative Po~.s of Security. In lieu of a bid, payment or performance bond, may furnish a ~e_~_zmed check or cash escrow in the required for the bond. a bidder face amount If approved by the City Attorney a bidder may furnish a personal bond, property bond, or bank or saving and loan association letter of credit on certain designated funds in the face amount required for the bid bond. Approval shall be granted only upon a determination that the alternative form of security proffered affords protection to the City equivalent to the corporate surety bond. Section 11-127. Competitive Negotiati6n. - Upon a determination in writing .that competitive sealed . bidding is either not practicable or not advantageous ~o the public, goods, services, insurance or construction ma~ be pro- cured by competitive negotiation. The writing shall document 'the basis for this determination. Proposals shall be solicited from potential contractors by request for proposals which shall be in writing, and shall indicate in general terms that which is sough~ to be procured, specifying the factors which.will be used in evaluating the proposal and containing or incorporating ~y reference the other applicable contractual terms and conditions, including any unique capabilities or qualifications which will be required of the contractor.