A good and sufficient bond shall be filed with the application for the license required
by this article, executed by a bonding company, which bond shall be approved by the
director as to form and sufficiency and shall be in the sum of not less than two thousand
dollars ($2,000.00). The bond shall be conditioned, among other things, that the contractor
shall faithfully, at his own cost and expense, furnish all proper materials, tools
and appliances, and perform, execute, construct and complete all such work undertaken
by such contractor, and observe and comply with the specifications, requirements and
provisions of this chapter. The bond shall remain in effect at the time when excavation
or construction for the work is in good faith actually commenced or prosecuted on
the ground.
