Before any person may be issued an on-site utility contractors license, the person must deliver to the Commissioner a good and sufficient bond satisfactory to the Commissioner, in the name of the City of Baltimore. The bond must be:for the amount of $2,500; and conditioned on:the contractor’s faithful performance of all work done or contracted for by the on-site utility contractor; and the contractor’s indemnifying and saving harmless the City and the owner or real party in interest of the property for which any material is furnished or services performed against loss, failure to use suitable material, or failure to properly perform any work contracted for or undertaken by the contractor and any agent or employee of the contractor. An action may be maintained on the bond only if it is brought within 1 year after the date of the installation of the material or performance of the work or service. Ord. 02-475