(a) Every person, firm or corporation hereafter entering into any construction contract with the City shall give a bond for the full and faithful performance of the contract. The bond shall have as a surety thereon some bonding company regularly accredited to do business in the State, the surety to be approved by the City Manager and the bond to be in such amount as the City Manager shall from time to time direct.
(b) Prior to issuance of any license for blasting, house movers, sidewalk contractors, excavating and sewer builders, or any combination thereof, the person, firm or corporation making application for the license shall have given to the City a surety bond in such amount as the City Manager shall direct issued by a surety company authorized to do business in this State conditioned that the person, firm or corporation shall guarantee proper execution and completion in accordance with the applicable City specifications and/or regulations of the work authorized by any permit issued under the license or licenses and shall completely restore to its original condition and to the full satisfaction of the City Manager any street, alley, public grounds, pavement, sidewalk, sewer or any other structure or service which may have been opened or disturbed by the person, firm or corporation and shall in all things strictly comply with the conditions and provisions of this chapter and with the conditions of any permit issued pursuant thereto.
(c) The licensee shall save, indemnify and keep harmless the City against any and all liabilities, judgment, damages, costs and expenses which may in any case accrue against this City in consequence of the granting of any license or permit arising out of the negligence or contributory negligence of the licensee or permittee, its employees, agents or subcontractors, by providing evidence of public liability insurance in an amount not less than two hundred fifty thousand dollars ($250,000) for injuries, including accidental death to any person, and subject to the same limit for each person, in an amount not less than five hundred thousand dollars ($500,000) on account of one accident, and property damage insurance in an amount of not less than one hundred thousand dollars ($100,000) or combined single limits coverage of not less than three hundred thousand dollars ($300,000) with the City of Sandusky named as a co-insured.
(d) The bond and insurance coverage provided for in subsections (a), (b) and (c) hereof shall remain in full force and effect during the terms of any such permits or licenses or any renewal thereof. (1980 Code 14.01, 14.02)