(A) In making contracts for public work of any kind to be performed in the village, the contractor for such work shall furnish, supply and deliver a bond with good and sufficient sureties to the village in the amount determined by the corporate authorities. Such bond shall be conditioned for the completion of the contract, for the payment of material used in such work and for all labor performed in such work, whether by subcontractor or otherwise.
(B) Each bond is deemed to contain the following provisions whether such provisions are inserted in such bond or not:
“The principal and sureties on this bond agree that all the undertakings, covenants, terms, conditions and agreements of the principal and the village will be performed and fulfilled and to pay all persons, firms and corporations having contracts with the principal or with sub-contractors, all just claims due them under the provisions of such contracts for labor performed or materials furnished in the performance of the contract on account of which this bond is given, when such claims are not satisfied out of the contract price of the contract on account of which this bond is given, after final settlement between the village and the principal has been made.”
(C) The bond required by this section may be acquired from the company, agent or broker of the contractor’s choice, subject to the right of reasonable approval or disapproval by the corporate authorities.