(A) Within 30 days after the granting of a franchise subject to provisions of this chapter, a grantee shall file with the grantor a bond(s) in the amount specified in a franchise agreement in favor of the grantor and any other person who may claim damages as a result of the breach of any duty by a grantee assured by such bond.
(B) Such bond as contemplated herein shall be in the form approved by the grantor and shall, among other matters, cover the cost of removal of any properties installed by a grantee in the event said grantee shall default in the performance of its franchise obligation.
(C) In no event shall the amount of said bond be construed to limit the liability of a grantee for damages.
(D) The grantor, at it sole option, may waive this requirement or permit the consolidation of the bond with a security fund as specified in this section and § 114.106.
(2011 Code, § 14.16.010) Penalty, see § 114.999