A. Written Contract: Each contract for the performance of work as hereinabove specified shall be in writing, executed by the successful bidder and by the city through its mayor and the city clerk-treasurer.
B. Contractor's Bond: At the time of the execution of such contract, the successful bidder shall deposit with the city clerk-treasurer a contractor's bond as required by the laws of the state of Idaho, conditioned for the faithful performance by him of the terms of the said contract and the payment of all laborers, material men or other persons to whom he may become indebted on account of the performance of his contract; the amount of the said bond shall be not less than seventy five percent (75%) of the amount of the price to be paid by the city for the doing of the said work as specified in the said contract, and the surety or sureties thereon shall be subject to the approval by the city council. (1974 Code § 6-113)