Upon acceptance of a franchise, a grantee shall submit and maintain throughout the term of the franchise a faithful performance bond in the amount of $100,000. The bond shall insure compliance with all applicable laws, regulations, ordinances and provisions of the franchise and this chapter, shall provide for recoverable loss or damages, compensation, indemnification, reasonable attorney fees, cost of removal or abandonment of the grantee’s property and shall cover penalties for failure to meet the construction requirements, as may be outlined in the franchise agreement.
(2011 Code, Ch. 43, Art. 5, § 8.9)