§ 26-408. Performance bond.

(a)

All licensed moving contractors shall be required to post a liability and performance bond in the form of an irrevocable letter of credit with the building official. The letter of credit shall be executed by the licensee as principal and upon a solvent bank qualified to do business in the state, conditioned that the principal therein shall timely and faithfully pay to the city-parish consolidated government any and all sums due for damages, whether the damages be to private or public property, incurred in the process of moving a structure, regardless of the location of the damages, when it is determined that a permit to move that structure was issued under the provisions of this article. The letter of credit shall be in substantially the following form:

_____
_____
_____
(Name and Address of Bank)

Date: _____

Expires: _____

Amount: _____

 

(b)

The letter of credit so furnished shall be in the minimum principal sum of $5,000.00, exclusive of applicable interest and attorneys' fees. Letters of credit of greater principal sums may be provided by applicants.

(Ord. No. O-128-96, § II(8), 10-15-96)