Whenever any section of the Municipal Code or any other ordinance of the City requires a bond for use in connection with the issuance of a contractor's license by the City, a bond in the following form shall be used:
"Know All Men By These Presents: That We, doing business under the name and style of at No. street, in the City of , County of , and State of Ohio, as principal, hereinafter referred to as the principal and We, , as surety (sureties), hereinafter referred to as the surety, are held and firmly bound unto the City of Rossford, in the sum of $ for the payment of which, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, by these presents. Witness our hand and seals this day of , 19 . The conditions of the above obligation are such that: Whereas, the said principal has been duly licensed for the period beginning ending as a in the City of Rossford, Ohio in accordance with the ordinances of the City of Rossford providing for the licensing and regulation of , now therefore, If the said principal shall faithfully observe all the duties and discharge all the obligations incurred by him during said license period under the ordinances of the City of Rossford applying to , and all the lawful orders of the authorized officers of the City of Rossford, or of any agency acting in its behalf, issued under said ordinances, then this obligation shall be void, otherwise the same shall be and remain in full force and effect; the undersigned agreeing and consenting that this undertaking shall be for the benefit of any party injured by the principal's failure to comply with the duties, terms, conditions, provisions and requirements of the ordinances of the City of Rossford applying to and the lawful orders of the authorized officers of the City of Rossford, or of any agency acting on its behalf, issued under such ordinances, as well as for the benefit of the obligee herein, and either or both may bring action on this bond, but said action must be commenced within two years after the expiration of the principal's license. " |
(Ord. 1670. Passed 11-26-84.)
(a) A bond may be substituted during term by another bond, provided that the City Administrator concludes that the assurance and security given by the new bond is of comparable quality.
(b) A bond may be cancelled during term, upon written request, if the following requirements are met:
(1) Inspection shows that the work done by the contractor has been satisfactorily completed;
(2) The contractor advises the City Administrator, in writing, that he does not intend to do any further work in the City during the term of the bond;
(3) The contractor returns his license to the City Administrator; or
(4) Notice of cancellation is sent to the City Administrator by the surety.
(c) Nothing herein shall relieve the principal or the surety on the bond from any failure or default which occurred during the period the bond was in effect.
(Ord. 1670. Passed 11-26-84.)