(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.)