(a) The contractor shall furnish a performance bond in the amount of five thousand dollars ($5,000) in favor of the Village conditioned upon the faithful performance of the contract.
(b) The contractor shall carry comprehensive liability insurance for not less than fifty thousand dollars ($50,000) for property damage, and not less than one hundred thou-sand dollars ($100,000) for each person and three hundred thousand dollars ($300,000) for each occurrence for bodily liability, on all vehicles and equipment used by the contractor in the performance of the contract.
(Ord. 790. Passed 1-10-72.)