All street surfaces, curbs, gutters, sidewalks, or areas located between the sidewalk and the gutter opened up, removed or damaged shall be replaced and repaired by such licensee under supervision of and to the satisfaction of the Village Administrator. Upon completion of the work, the licensee shall notify the Village Administrator of the fact of its completion and he shall make a final inspection thereof. If such inspection is to the satisfaction of the Mayor, he shall so notify the licensee and the Fiscal Officer, who shall thereupon return the guarantee deposit or release the bond. If the inspection discloses a defect or unsatisfactory work that is unacceptable to the Mayor, he shall notify the licensee of such defect or condition and the licensee shall have ten days in which to rectify the same or forfeit the guarantee deposit or bond, and the Village shall thereupon complete the repair or replacement.