(a) Commencing January 1, 2012, as a condition of his or her license, each licensed electrical, class B, sign wiring and fire alarm contractor shall maintain and deliver to the chief building services official a continuous bond in the penal sum of $10,000 in a form approved by the city with the contractor as principal on the bond and the city as obligee for its benefit and that of consumers dealing with the contractor.
(b) The bond shall be conditioned upon the faithful and lawful completion of all work entered into by the contractor within the city and for compliance with all the provisions of this chapter. The bond shall be in addition to all other license bonds to any political subdivision or government agency. The bond shall be written by a corporate surety authorized to transact business in the state.
(c) Claims upon the bond shall be filed by the city by reason of the principal’s failure to perform his or her obligation under the bond. The aggregate liability of the surety, regardless of the number of claims made against the bond or the number of years the bond remains in force, shall not exceed $10,000. Any revision of the bond amount shall not be cumulative.
(d) Suspension or revocation of the license of the principal shall not by itself affect the liability of either the principal or the surety on the bond, except that the liability of the surety shall not extend to acts or omissions of the principal occurring after the effective date of his or her license suspension or revocation.
(1992 Code, § 15-32) (Ord. 82-11, passed 10-17-2011; Ord. 75-14, passed 10-14-2014)