§ 4114.707. Bond requirement for a department-issued OCILB licensed specialty contractor registration.

(A)

Before the department issues an OCILB licensed specialty contractor registration under the provisions of this chapter, and prior to each renewal thereof, each registered licensed specialty contractor shall, in a manner prescribed by the department, give a bond, which shall be maintained in good standing at all times thereafter, to the department. A department-issued OCILB licensed specialty contractor registration shall not be issued or renewed without meeting this bond requirement.

(B)

The bond required of an OCILB registered licensed specialty contractor by the department shall be of not less than $25,000.00. The bond shall have good and sufficient surety approved by the department. The bond shall be on a form as prescribed by the department.

(C)

The bond shall be conditioned to save the city harmless from all loss and damage to persons or property which may be occasioned in any way, by accident or the want of care or skill on applicant's part, in the prosecution of the work.

(D)

Such bond shall for payment to the city for damages to the city or city property in the course of performance of work.

(E)

Failure to maintain such bond in good standing shall be immediate cause for suspension by the department of the OCILB licensed specialty contractor registration.

(F)

The individual named on the OCILB licensed specialty contractor license shall sign the bond submitted for a registered OCILB licensed specialty contractor registration or the renewal thereof.

(G)

When a registered OCILB licensed specialty contractor has more than one such registration, or other department-issued license or contractor registration, one $25,000.00 bond will be sufficient for all such licenses and registrations expiring with the department during the same time frame.

(Ord. 1670-01 § 1 (part); Ord. 1092-02 § 4: Ord. 1697-2006 § 28.)