Before a license is issued by the Building Commissioner to any person, partnership, or corporation, the Building Commissioner shall require the applicant to file a surety bond in the amount of $5,000. The bond shall be maintained in full force and effective for one full calendar year (or the balance of the licensure period if it is shorter) and shall be:
(A) Issued by a surety authorized to do business in the state,
(B) Payable to the city and an unknown third party as obligees,
(C) Conditioned upon:
(1) The proper performance of all heating and cooling work and any related construction activity in accordance with building standards and procedures.
(2) Prompt payment of all fees owed the city as set forth in this chapter.
(3) Prompt payment of any loss, damage, expense, claim, demand, or judgment for damages to property of the city caused by any action, negligent, or otherwise, of the contractor, his agents, or employees while engaged in heating and cooling work or any related construction activity.
