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Each applicant for a drain layer's license shall file with the department a bond, with good and sufficient sureties, payable to the City of Chicago, in the amount of $50,000.00. The bond shall be conditioned to indemnify the city for any loss, damage, cost, expense or liability of any kind which the city may incur in consequence of the licensee's acts, omissions, negligence, improper work or failure to observe all of the provisions of this code in executing or completing any work done under and by virtue of the authority of any license issued under this chapter. The city's right to recover under the bond shall be in addition to any other rights retained by the city under this chapter and other applicable laws.
Every bond required by this section shall require 30 days advance notice to the commissioner prior to cancellation. The licensee shall maintain any bond required by this section in full force and effect for the duration of the license period. Failure to do so shall result in immediate suspension or revocation of the drain layer's license in accordance with Section 4-28-140.
(Added Coun. J. 12-12-01, p. 76426, § 1)