If any person or corporation against whom any such claim is filed shall dispute its correctness or validity said Director may permit the contractor to whom the contract was awarded by said Director, or his assignee, to deliver to him a bond executed by a corporation authorized to issue surety bonds in the State of California, in a penal sum equal to 1¼ times the amount of such claim; said bond shall guarantee the payment of whatever sum such claimant may recover in an action on said claim. Upon the filing of such a bond, said Director may release such moneys, assessments, partial assessments, reassessments and/or bonds to which such contractor, or his assignees, otherwise shall be entitled. The sureties upon such last mentioned bond shall be jointly and severally liable, with the sureties upon the bond mentioned in Section 208 of this Article to such claimant.