Any building contractor licensed pursuant to this chapter shall be required to post a bond in accordance with the provisions herein. The bond shall be in the amount of five thousand ($5,000.00) dollars for the use and benefit of the City of Flint for correcting violations of the Flint City Code. The bond shall contain the conditions that the principal there shall faithfully comply with the provisions of the chapter, pay or cause to be paid all costs for all labor and materials required to correct all violations cited by the City of Flint. The bond shall remain in full force and effect for the full period of the license. The bond shall be in the form contained herein or as approved by the Legal Department of the City of Flint. Bond form shall be in substantially the following form:
BUILDING CONTRACTOR’S BOND
KNOW ALL MEN BY THESE PRESENTS
THAT WE, , OF
STATE OF , HEREINAFTER CALLED THE PRINCIPAL,
CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF , WITH ITS HOME OFFICE IN THE CITY OF ,
IN SAID STATE DULY AUTHORIZED TO TRANSACT SURETY BUSINESS IN THE STATE OF MICHIGAN, A SURETY, ARE HELD AND FIRMLY BOUND UNTO THE CITY OF FLINT, A MUNICIPAL CORPORATION OF THE STATE OF MICHIGAN, AS OBLIGEE, IN THE FULL PENAL SUM OF FIVE THOUSAND DOLLARS, LAWFUL MONEY OF THE UNITED STATES FOR PAYMENT OF WHICH, WELL AND TRULY TO BE MADE, WE BIND OURSELVES, OUR HEIRS, EXECUTORS, ADMINISTRATORS, SUCCESSORS, AND ASSIGNS, JOINTLY AND SEVERALLY, FIRMLY BY THESE PRESENTS.
SIGNED, SEALED AND DATED THIS DAY OF , 20_____.
WHEREAS, THE ABOVE BOUNDEN PRINCIPAL HAS OR IS ABOUT TO OBTAIN FROM THE SAID OBLIGEE A LICENSE FOR BUILDING CONTRACTOR, AND
WHEREAS, THE PRINCIPAL IS REQUIRED BY LAW TO FILE WITH THE CITY OF FLINT A BOND CONDITIONED AS HEREINAFTER SET FORTH.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, THAT IF THE ABOVE BOUNDED PRINCIPAL SHALL ON AND AFTER THE DAY OF , 20 , INDEMNIFY SAID OBLIGEE AGAINST ALL COSTS, EXPENSES, LOSS OR DAMAGE TO IT CAUSED BY PRINCIPAL’S NONCOMPLIANCE WITH OR BREACH OF ANY LAWS, STATUTES, ORDINANCE, RULES OR REGULATIONS PERTAINING TO SUCH LICENSEE, THEN THE ABOVE OBLIGATION SHALL BE VOID, OTHERWISE TO BE AND REMAIN IN FULL FORCE AND EFFECT.
PROVIDED, THE LIABILITY OF THE SURETY UPON THIS BOND SHALL BE AND REMAIN IN FULL FORCE AND EFFECT FOR THE FULL PERIOD OF THE LICENSE OR PERMIT ISSUED TO THE PRINCIPAL ABOVE NAMED BUT NOT BEYOND.
PROVIDED, THAT THIS BOND MAY BE CONTINUED FROM YEAR TO YEAR BY CONTINUATION CERTIFICATE EXECUTED BY THE SURETY HEREON, AND
PROVIDED FURTHER, REGARDLESS OF THE NUMBER OF YEARS THIS BOND SHALL CONTINUE OR BE CONTINUED IN FORCE AND THE NUMBER OF PREMIUMS THAT SHALL BE PAYABLE OR PAID, THE SURETY SHALL NOT BE LIABLE HEREUNDER FOR A LARGER AMOUNT IN THE AGGREGATE, THAN THE AMOUNT OF THIS BOND.
IN WITNESS WHEREOF, THE PARTIES HERETO HAVE SET THEIR HANDS AND SEALS THE DAY AND YEAR FIRST ABOVE WRITTEN.
(POWER OF ATTORNEY, WITH SEAL THEREON, MUST BE ATTACHED)
(Ord. 2676, passed 10-23-1978)