(a) Any contractor who performs street, utility or Municipal improvement work of any nature under contract with the City shall furnish a bond with good and sufficient surety approved by the Director of Administration in an amount not less than ten percent (10%) of the total contract price. The bond shall be conditioned to provide indemnity for and to save the City harmless from any claim presented by any person for any damage resulting from faulty, improper or incomplete work, repair and construction by any contractor.
(b) The bond mentioned in subsection (a) hereof shall remain in force for one year after the contractor furnishing the bond has notified the City Engineer that the work or improvement has been completed.
(c) The provisions of this section shall be incorporated in contracts made between the City and improvement contractors.
(1984 Code Sec. 37.01)