The performance bond of five thousand dollars ($5,000) set forth in Section 1024.07 shall provide that in the event a contractor or public utility firm for any reason fails to reconstruct and restore a street, sidewalk, sidewalk space, alley or public way within a reasonable period of time, in accordance with the standards and specifications referred to in Section 1024.03, then the sum of the performance bond shall be forfeited and paid over to the City.