If Council directs by resolution that the work be done under contract, the contract shall be in standard form, requiring the contractor to give sufficient bond with corporate
surety to guarantee the faithful performance of the contract and the payment for all labor performed and all material furnished in the performance of the contract, insurance in an amount to be fixed by the Director of Public Works, workmen's compensation, and shall conform to all other contractual requirements of the City.
(1969 Code §23-55)