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~: ,w~ ... <br />,~_> <br />The terms "claims, demands and causes of actions," shall include <br />all expenses of defending against such claims, demands and <br />causes of action, including fees payable to attorneys and expert <br />witnesses, wages paid to City employees while occupied in <br />defense of such claims, demands and causes of actions and wages <br />or salaries reimbursed by the City to City officers to <br />compensate them for wages and salaries lost while engaged in <br />such defense. The form of each performance bond shall be <br />approved in writing by the Director of Law. <br />(B) Security for Bond. Performance bonds shall be secured as <br />follows: <br />(1) By the written guarantee of one or more surety companies <br />authorized to conduct business within the State of Ohio. <br />The form of guarantee shall be approved in writing by the <br />Director of Law. The Director may reject a performance <br />bond in the event that he reasonably determines that the <br />assets of the surety company or companies, subject to <br />attachment within the State of Ohio, are insufficient to <br />secure performance of the owner's obligations, taking <br />into account other outstanding liabilities and contingent <br />liabilities of the surety company or companies; or <br />(2) By deposit of cash in the full face amount of the bond, <br />with the City. <br />(C) Amount of Bond. The amount of performance bond shall be <br />determined by the City Engineer and shall be in an amount equal <br />to the estimated total cost of materials and labor required to <br />install or construct all improvements required by this Chapter. <br />The amount of a performance bond shall include estimated <br />damages,if any, to neighboring properties which are the subject <br />of the hold harmless provision contained in subsection (A) <br />hereof, and the estimated costs of defending against claims <br />for any such damages. <br />(D) Reduction of Bond and Return of Securit When the City <br />Engineer shall have certified in writing that all improvements <br />have been satisfactorily completed in accordance with approved <br />plans and specifications, the performance bond submitted by the <br />developer shall be cancelled and all funds deposited as security <br />therefor shall be returned. Upon written certification by the <br />Engineer that any portion of the improvements has, upon <br />inspection, been found satisfactorily completed, a reduction in <br />the amount of the bond or partial withdrawal of funds deposited <br />as security therefor, equal to the cost of such completed <br />improvements, as estimated by the City Engineer, may be <br />authorized by the City Engineer if, in the opinion of the City <br />Engineer the remaining bond or security shall be fully <br />sufficient, under all the circumstances, to guarantee <br />performance of the conditions of the bond. <br />Page - 24 - <br />