Every person, firm or corporation shall, at the time such plans are approved, furnish a construction bond, executed by himself and surety company, authorized to do business in the state, in a sum equal to one hundred percent (100%) of the construction cost of such improvements, in favor of and to be approved by the town, conditioned as follows:
   A.   That the improvements shall be made according to the approved plans, and without unnecessary delay;
   B.   To pay for all labor and materials going into the improvements; and
   C.   Engaging to hold the town harmless against all claims for injury to persons and damage to property arising from or growing out of the construction work. (1984 Code § 14-206)