1. A performance bond, payment bond or any other bond or combination thereof, with sufficient surety, in such amount as may be determined necessary by the governing body or its authorized representative, may be required of each responding offeror on a particular contract.
2. Any such bonds may be to insure proper performance of the contract and save, indemnify and keep harmless the local government against all loss, damages, claims, liabilities, judgments, costs and expenses which may accrue against the local government in consequence of the awarding of the contract.
3. If a local government requires such a bond, it shall not also require a detailed financial statement from each responding offeror on the contract.