Whenever any work or material is let by contract to any person or corporation, the mayor shall, in all cases, take good and sufficient bond from such person or corporation to ensure the performance of the work in the time and manner required in such contract, and to save and indemnify and keep harmless against all liabilities, judgments, costs and expenses which may in anywise accrue against the city in consequence of granting of such contract, or which may in anywise result from the carelessness or neglect of such person or corporation, or his or its agents, employees or workmen, in any respect whatever, and the payment of all labor and material claims growing or arising out of such work. (R.O. 1959, Ch. 36, Art. 5, Sec. 5)