All concrete sidewalks hereafter constructed in the Village shall be in accordance with the specifications furnished by the Clerk, as furnished by the Board of Trustees, and when any person shall enter into any contract for the construction of concrete sidewalk within the Village, before entering upon the performance of the same, he shall file with the Clerk a bond in the penal sum of five hundred dollars ($500.00) with good and sufficient security, to be approved by said Clerk, conditioned that such sidewalk shall be constructed in accordance with the plans and specifications furnished by the Clerk, and that such sidewalks shall be by him kept in good condition and repair for the period of one year after the completion thereof.