(A) All contractors registered under this subchapter, except plumbing contractors registered by the State of Illinois, shall file with the City Clerk, and keep in force during the registration period, a letter of credit or bond in the amount of $10,000, with financial institutions or sureties to be approved by the corporate authorities, conditioned to indemnify the city and hold it and its elected and appointed officers, employees, attorneys, consultants and volunteers harmless from any loss, damage, claim or liability arising out of or resulting from the conduct or operation of the business or the doing or failure to do any act in connection therewith.
(B) Subcontractors must be separately bonded.
(2000 Code, § 5.14.050)