This bond insures that a contractor or subcontractor shall complete all construction according to the village Building Code and allows the individual to do work within the corporate limits of the village:
(A) All contractors shall submit a licensing and permit bond (L&P) in the amount of $10,000 or 135% of the overall construction costs of the project, whichever is greater, at the time of permit application.
(B) Cancellation of the L&P bond provided for herein shall cause automatic suspension of the contractor’s and/or subcontractor’s permits.
(Ord. 2252-94, passed 1-5-94) Penalty, see § 124.99