All applications for a building permit with a construction value of twenty thousand ($20,000.00) or more shall be accompanied by a contractor's surety bond for each contractor working on the project for which a building permit is issued other than plumbing contractors, irrigation contractors and private alarm contractors in the amount of ten thousand dollars ($10,000.00) and executed by a surety company authorized to transact business in this state as surety with each contractor as principal on each such bond, and the Village of Fox Lake, as obligee; conditioned that the contractors shall faithfully perform the duties and in all things comply with all applicable building codes adopted by the village of Fox Lake, including all amendments thereto pertaining to the license or permit applied for. The total liability for the surety for all claims, regardless of the number of claims made against the bond or the number of years the bond remains in force, shall in no event exceed the amount of the bond. Any revision of the bond amount shall not be cumulative. The surety shall not be liable for any punitive damages or civil or criminal penalties which may be assessed against the principal. The bond may be terminated at any time by the surety by sending notice in writing to the obligee and to the principal by first class U.S. mail and at the expiration of thirty (30) days from the mailing of said notice, the bond shall terminate and the surety shall be relieved from any further liability for any acts or omissions of the principals subsequent to that date, but not for claims made on the bond prior to the date of termination. At the discretion of the Building Commissioner, the requirement of a surety bond may be imposed for projects less than twenty thousand dollars ($20,000.00) in value, if special circumstances exist to support the need for such a bond. (Ord. 2020-21, 9-22-2020; amd. Ord. 2022-36, 7-26-2022)