1333.07 BOND REQUIRED.

   Each registrant shall deposit the sum of ten thousand dollars ($10,000) or submit a Compliance Bond in such amount before a building permit shall be issued by the Building Commissioner. Such Compliance Bond shall be in form and style as approved by the Director of Law or the cash deposited in lieu thereof shall be conditioned to indemnify, keep and save harmless the City or any of its agents or officials for the use of any person, persons, firm or corporation with whom such contractor shall contract to do work, and shall indemnify and pay any such person, persons, firm or corporation for damage sustained on account of the failure of such contractor to perform the work so contracted for in accordance with the provisions of the Building Code, and any and all lawful rules and regulations promulgated under the authority thereof, and from or by reason or on account of anything done under and by virtue of any permits issued under such registration for the doing of any work required to be done in the construction, alteration, repair, addition to, subtraction from, reconstruction or remodeling of any building, structure or appurtenance thereto or any part thereof.

(Ord. 95-177. Passed 7-5-95.)