(a) Performance Bond Requirements.
(1) The applicant shall furnish the Municipality with a suitable performance bond, signed by a corporate surety authorized to transact business in Ohio, guaranteeing the faithful and proper performance of the work authorized by a permit granted pursuant to this chapter and which shall indemnify and save harmless the Municipality from any and all actions, loss, injury, damage, liability, or expense, including attorney fees and court costs, of whatever nature, by reason of the failure, default, neglect or improper performance of the work required by this chapter.
(2) The performance bond must be accepted as to legal form by the Director of Law and shall be in an amount equal to one hundred percent (100%) of the estimated cost of restoring the street or road. The bond shall be effective upon the date of posting thereof and until the receipt by the permittee of a certificate of final inspection by the City Engineer or his designee.
(3) If the applicant anticipates requesting more than one street opening permit, he may furnish one continuing corporate surety bond to guarantee the faithful and proper performance of the work. The amount of such bond shall be in relationship to the cost of restoring the pavement cuts anticipated throughout the year and shall be in such amount as the City Engineer or his designee deems necessary.
(b) Default in Performance. Whenever the City Engineer or his designee shall find that a default has occurred in the performance of any term or condition of the permit, written notice thereof shall be given to the principal and to the surety on the bond. Such notice shall state the work to be done, the estimated cost thereof, and the period of time deemed by the City Engineer or his designee to be reasonably necessary for the completion of such work.
(c) Completion of Work. After receipt of such notice the surety must, within the time therein specified, either cause the required work to be performed or, failing therein, indemnify the Municipality for the cost of doing the work as set forth in the notice.
(Ord. 1959-12. Passed 7-7-59.)